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Category: Default Mortgage Insurance

  • What Does Extended Ratios Mean?

    You maybe have heard about a decline, or been declined yourself in regards to the Affordability on your mortgage. The fact that you cannot afford this mortgage payment would not necessarily mean you are declined, it means you have to seek out Alternative Lending. They extend this affordability, which means they take your ratios and…

  • What A Triple “A” Mortgage Looks Like. On Closing.

    This is the Triple “a” mortgage. There are a few names, bank lendingndue tonbanks historically lending to best credit clients, a borrower, strong covenant. How do these mortgages look when someone wants to buy a home? Remember there is land transfer taxes as well as other fees, if you are not a First Time Home…

  • Mortgage Default Insurers In Canada: What They Look For.

    These are the 3 insurers that are in Canada. SAGEN CMHC CANADA GUARANTY These companies let you try and achieve a low down payment of 5%. They are all very similar with similar premiums on the insurance policy that gets attached to your purchase. Remember the tier based costs that are associated at each level…

  • The 3 Most Important Factors That Determine Your Mortgage Approval

    Everyone wants the best rate.  It’s incredible to think that the best rate comes with a price.  That price is insurance. But nevertheless you get a deep rate discount when you get an insured mortgage and you have these 3 important factors.   Income: You have proof of employment income and usually they like to see…

  • How To Go From Pre-Qualification To Approval In Just A Few Hours

    How To Go From Pre-Qualification To Approval In Just A Few Hours

    Buying in the future? Mortgage Suite Simple Secure individual Access to create your very own Virtual Application. Make changes when you need. Upload required documents, and income documents, real time for review. If you want to learn what required documents are needed for income read about it Here. Approval! Remember pre-approvals work mainly on Triple…

  • Why Your Mortgage Needs Default Insurance

    Insured Mortgage approvals at 5% down to 19.99% down. When you put down the minimum on a house in Ontario, 5%, you cost yourself the highest premium there is. Currently it sits at 4% Premium. When you put down 10% on the house purchase price, you decrease this premium to 3.1%When you put down 15%…