High Ratio Mortgages and Mortgage Default Insurance
A high ratio mortgage is where the borrower’s down payment is less than 20% of the property’s purchase price. In Canada, such mortgages require insurance because they are considered higher risk and necessitate “default insurance” coverage.
Benefits Of A Well-Planned Down Payment
Buying a house is a significant decision with a big price tag. Saving for a down payment is crucial, but does conventional wisdom about down payments hold?
Standard vs. Collateral Charge Mortgages
Mortgage loans can be registered in various ways, with two common types being standard mortgage charges and collateral charge mortgages. Each serves different purposes and offers distinct advantages and disadvantages for borrowers.