JIMMY KWON & LISA YUN jim@jimandlisa.ca 604-808-1050
BlueTree Mortgages West
Dominion Lending Centres
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At BlueTree Mortgages West, I am focused on providing terrific services with the highest levels of customer satisfaction – we will do everything we can to meet and exceed your expectations. With a variety of products to choose from, let us do all the work and take care of all the details – from communication with the lender, negotiation of rates and terms right through to the completion of all paperwork! We hope to see you again and please check back later for new updates.
Services: Pre-approval / Purchase / Renewal / Debt Consolidation / Home Improvements / Vacation Home / Second Home / Rental Property / Private Mortgages
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Mortgage Insurance
Mortgage Default Insurance, commonly referred to as Mortgage Insurance, allows homebuyers to achieve the dream of homeownership with a low down payment.
There are two types of mortgage options:
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conventional mortgages - on loans with a minimum 20 per cent down payment
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high-ratio mortgages - on loans with a less than 20 per cent down payment
In Canada, mortgage insurance is required federally on high-ratio mortgages – that is, mortgages with a down payment of 20 per cent or less. This insurance, which protects the lender in case of borrower default, gives lenders the flexibility to offer borrowers with low down payments the same low interest rates they would offer to homebuyers with more equity.
Mortgage insurance premiums are based on the amount of the mortgage and although they can be paid in a lump sum upon closing, they are normally added to the mortgage amount and paid over the length of the mortgage.
This insurance is not to be confused with mortgage life insurance which protects homeowners and their families in the event of death or illness.
For more information and resources to help understand mortgage insurance and the overall homebuying process, visit our Homebuyers section at www.homeownership.ca