Mortgage Insurance: What it is and why you may need it Mortgage insurance is a type of insurance that protects the lender in case you default on your mortgage payments. You only need mortgage insurance when you are putting down less than 20% for your down payment. These types of loans are called High Ratios […]
Down Payments and their sources Every real estate purchase you make will require a down payment. The main purpose of the down payment is to show your intent to buy your new home. Even better if you can prove you have saved for it over time. Lenders like to see you save for the down […]
The 3 Types of Insurance with your mortgage Mortgages require 3 types of insurance, each has its own purpose. Depending on your down payment amount you may need all three. If you have a conventional mortgage you will not need the first type of insurance. If your down payment is less than 20% you will […]
Debt Servicing: Can you afford your new home? Once you have proven your income source you now must prove your ability to make your future mortgage payments. To do this the lender will want to know all your current debts, car loans, lines of credit, and credit cards. All consumer debts will be used in […]