Insured vs. Insurable vs. Un-Insurable.. What does it all Mean?

We used to have two primary mortgage categories, “High Ratio” or “Conventional” mortgages, but now we have insured, insurable and un-insurable.  What do these terms mean?

Insured; a mortgage transaction in which the insurance premium is/has been paid by the client. (Generally, 19.99% equity or less to apply towards a mortgage, amortization of 25yrs or less, mortgage under $1Million, qualify at Bank of Canada(BoC) benchmark rate). (more…)

First-Time Home Buyer

If you have been renting for many years, you may be considering purchasing a home for the first time. You have sacrificed to save up for your down payment, but now you’re ready to buy. Buying a home can be exciting and scary, and is likely the largest purchase you will make in your lifetime.   This is why it is so important to get the right advice from the start.