Home Buyers In Canada Are Getting Mortgage Insurance Should You Care?
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, Posted in: affordable insurance, Author: Deborah R. Cevallos (July 9, 2010)
, Posted in: affordable insurance, Author: Deborah R. Cevallos (July 9, 2010)
For those wanting to acquire a residence, the Canadian housing finance system has made it possible to do so without paying the entire down payment. Better yet, it allows buyers to purchase a mortgage with a 5% down payment, but will be able to get an interest rate as if you made a 20% down payment. How is this possible? The requirement of purchasing mortgage insurance on the amount borrowed makes it possible for this to happen. This reduces risk from the mortgage for the broker and enables you to buy a property without having to front the entire down payment.
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