Home Buyers In Canada are Getting Mortgage Insurance Should You Care?

The Canadian housing finance system has made it possible for you to buy a property in Canada even if you are not able to save enough for the down payment. You are able to get a loan with a 5% down payment on your home, but will be able to get a 20% interest rate. How can this be? This is made possible by acquiring mortgage insurance for the amount borrowed on the mortgage. This reduces risk from the loan for the broker and enables you to acquire a home without having to front the entire down payment.

How to Understand Adjustable Rate Mortgages

For many reasons, both on lenders and buyers sides, the typical mortgage loan today is no longer fixed for 25 years or so. Interest rate volatility, frequent sales and purchases of homes and other factors have led to the ARM, or Adjustable Rate Mortgage to be the standard in our days.