If your down payment is less than 20% of the property value, mortgage insurance is mandatory in Canada. An insurance premium is built into the mortgage. So therefore, the clients do not pay “out of pocket” for this expense. For lenders, a down payment of this size is more of a risk, so the insurance premium is a guarantee for the lender in the event of your defaulting on the loan.
Private lending or a private home mortgage means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan.
Applying for a mortgage shouldn’t be hard or confusing,
Should I consider a mortgage to help with debt?
Yes. In fact, this is a common use of a mortgage loan. Many of our customers obtain a mortgage to consolidate credit card debt, renovate their kitchen, or invest.
What kind of clients do Mortgage Brokers work with?
Rampone-Marsh Mortgages works with homebuyers and homeowners from many walks of life.. These clients include:
- First time homebuyers
- Existing homeowners
- Credit challenged homeowners
- Self-employed Borrowers
- Construction mortgages
- Vacation properties
- New to Canada