Mortgage life insurance provides coverage that would pay off in the event of death or disability of the home owner. Contact our office in Kelowna for more information and to find out about your mortgage life insurance options.
Construction & Bridge Financing
Bridge Financing and Construction Mortgages
Bridge Financing and Lending
Applying for a mortgage shouldn’t be hard or confusing,
What is a down payment?
Part of the purchase price of a property that is paid in cash and not financed with a mortgage.
Why is a mortgage insurance premium necessary?
Regardless of mortgage rates, if a down payment is less than 20% of the home or property value, mortgage insurance is mandatory in Kelowna (and across Canada). Mortgages have built in insurance premiums, so, therefore, the clients do not pay “out of pocket” for this expense. For mortgage lenders, a down payment of this size is more of a risk, so the mortgage insurance premium acts like a guarantee in the event of a default on the loan.