Mortgage Insurance: Canada Offers You An Option
The Canadian housing finance system makes it possible for you to purchase a home
in Canada even if you are not able to save enough for the down payment. Borrowers will be able to get the interest rate of a 20% loan while only paying a minimum of 5% money down.What makes this possible? This is granted by buying mortgage insurance for the amount borrowed on the mortgage. Risk of the loan defaulting is reduced for the mortgage company and the buyer will be able to purchase a home without making the complete down payment.
Are There Requirements?
However, not everyone will be able to get loan insurance; there are some requirements to qualify.
The home must be in Canada to meet the first requirement. The buyer must make a down payment of at least 5% on single-family and two-unit homes and 10% on three- or four-unit homes. You need to provide the down payment from either your own resources or a donation from an close family member.
The mortgage principle, interest on the loan, property taxes, heat bill, the annual site lease in case of household tenure, and 50% of applicable condominium fees should make up only 32% of your gross household income as an additional qualifier.
An additional qualifier for mortgage insurance is your debt load should not be above 40% of your gross household income.
Other factors that can determine if you qualify for loan insurance or not are closing expenses and fees.
Just how much does it cost?
The mortgage company pays the insurance premium to obtain mortgage insurance. Though the responsibility for paying for the mortgage insurance is technically on the broker, the broker will pass the cost on to you.
So, how much is loan insurance? There are different answers to that question. The amount of the loan is directly connected with the price of the insurance. The more you borrow, the higher insurance will be. This helps those who pay more for a down payment.
There are different ways to pay for the insurance. The insurance premiums can be paid monthly as a part of the buyers loan payments or up front in a large lump sum.
If you default on your mortgage, the loan insurance does not keep you safe. The mortgage company is just insured on the borrowed loan. On the bright side, you got to buy a residence with little money down and a good interest rate.
See us at www.infoprimes.com to find out how you can save on mortgage insurance rates.
by: Nancy T. Glover
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