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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