FAQ

Frequently Asked Questions.

1. What is mortgage insurance?

If your are purchasing a home with less than 20% of the purchase price for down

payment, the mortgage must be insured. The insurance protects the lender against

borrower default and enables buyers to purchase a home with as little as 0 to 5%

down payment.

The lender will arrange for the mortgage insurance on your behalf. Mortgage

insurance enables you to receive the same mortgage rates on high ratio mortgages as

you would on conventional mortgages.

Once you have submitted your application, a follow up call from me will provide any

remaining details. Your application will then be forwarded to an appropriate lender

for review. Depending on the lender and the complexity of your application, the

response time can vary from a few hours to a couple of days.

The lender pays me a finders fee for bringing them a creditworthy customer, so in the

vast majority of cases there is no cost to you. .

In a VTB mortgage, the vendor also becomes the lender, holding all or some of the

mortgage. Sometimes the vendor will offer this loan at lower than bank rates in order

to get his property sold.

Title Insurance protects the insured against loss resulting from title and survey

defects when an up to date survey or real property report is not available. In most

provinces, title insurance enables transactions to close on time because it eliminates

the need for costly off title searches.

Apply Now OR Contact Me for more information.

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