MORTGAGESBYCINDY.CA

A conventional mortgage is one that is offered on new and existing homes, for up to 80% of the purchase price. The home buyer must have at least 20% of the purchase price available for a down payment. Conventional mortgages do not have to be insured by one of the three Mortgage Insurers: Canadian Mortgage and Housing Corporation (CMHC), Genworth, or AIG Insurance... All the Mortgage Insurers have similar "5%" programs, or high-ratio mortgages. Insured through Mortgage Insurer, the mortgage is guaranteed for home buyers who need a high ratio mortgage (up to 19.9%). The insurance premium that is paid to the Mortgage Insurer is to protect the lender in the event that the mortgage is not paid. This program is not the same as life, disability or job loss insurance. The principal benefit to the borrower, is that it allows you to purchase a home with a minimum down payment. This program is often used by first-time buyers who could not afford a conventional 20% down payment... The Mortgage..

Primary location: Mississauga Canada