COVID – 19 Resources

COVID-19 Mortgage Payment Relief: What’s Available to You? There is some good news in this very stressful time for people who are worried about making their mortgage payments. Canadian mortgage insurers, GenworthCanada Guaranty, and Canada Mortgage and Housing Corporate (CMHC) are backing the current crisis and are working with our lenders to develop policies to either skip or defer payments on mortgages, loans, credit cards, and lines of credit for those experiencing a sudden loss of income due to COVID-19. However, it’s important to know that these are on a case-by-case basis. Full…

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6 Mortgage terms Homebuyers should know

6 Mortgage Terms Every Homebuyer should know

Mortgage terms can be daunting for a homebuyer . Understanding these 6 mortgage terms homebuyers should will be helpful when you consider buying your first home! Here are the 6 Mortgage Terms: High-ratio mortgage A Homebuyer that purchase a home with a downpayment of less than 20% will have a high-ratio mortgage. All high-ratio mortgages are covered by mortgage loan insurance also known as mortgage insurance. The three mortgage default insurers in Canada are CMHC, Genworth and Canada Guaranty. Low-ratio mortgage Also known as a conventional mortgage, a low-ratio mortgage is one where the homebuyer has made…

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