The Philosophy of Uninsured Mortgages
Uninsured mortgages are a popular option for homebuyers with a down payment of at least 20% that do not require mortgage insurance. This means the lender is taking on the full risk of the mortgage without the protection of insurance in case the borrower defaults. The philosophy behind uninsured mortgages is a balance between risk […]
The 3 Mortgage Default Insurers In Canada
In Canada, mortgage default insurance is a requirement for homebuyers who have a down payment of less than 20% of the home’s purchase price. This insurance protects the lender in case the borrower defaults on their mortgage payments. There are currently 3 Mortgage Default Insurers in Canada: SAGEN CMHC CANADA GUARANTY They are all very […]
6 Borrower Types Explained
It’s not the borrower that’s called this type, but merely the borrower needs to be placed with a certain type of lender. We could talk about the 6 C’s of Lending here and go into exhausting detail about how every client is different; because they are. Instead, we will sum up the types of borrowers […]
What Is A Mortgage Exit Strategy?
We are not talking about paying your mortgage off. That is everyone’s goal. Instead, we are going to discuss the high-interest rate mortgage and the cosigned mortgage. Situation #1: The high-interest mortgage. We have to realize that any rate above the bank prime rate is not that good. It would mean, in theory, that it […]
