First-Time Buyer
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…)
