Types of Mortgages

General Brian Turner 20 Avr

Types of Mortgages In Canada, mortgages are either high ratio (insured) or conventional. The hard border between these two types of mortgages lies at 20%. If you have 5-20% as a down payment, you require mortgage default insurance. If you have more than 20% down, the lenders consider your mortgage to be conventional. The conventional […]

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Mortgage Hacks

General Brian Turner 12 Avr

Mortgage Hacks In Canada, all mortgage applications with a financial institution are subject to the B-20 stress test. This means that the borrowers need to qualify at the higher of the contract rate plus 2 percent or the Bank of Canada rate (currently 5.25%). Qualifying refers to meeting 2 ratios. The first is gross debt […]

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