1327.52 $
*For simulation purposes only

Purchase of a house, minimum down payment

Portability of the mortgage insurance premium.

You want buy a property but you do not have the capital outlay required of 20% of the purchase price to obtain a conventional mortgage loan. No problem the mortgage lender will refer your file to a mortgage insurer. You will be charge with a mortgage insurance premium. The cost of that premium will be added to your mortgage loan amount.

A few years later you sell your house to buy a new property. Unfortunately again you do not have the 20 % capital outlay required for a conventional mortgage loan. The mortgage lender will again want a mortgage loan insurance. Good news, the insurance coverage obtained by the payment of the premium during the purchase of the first property can be transferred on the new loan even if this loan is obtained from a different financial institution. The only requirement being the respect of the remaining amortization period.

If a higher mortgage loan amount is required a new premium will be charged to you but only on the additional loan amount.

For more details contact your Hypotheca mortgage broker.

Lender Cash Back

There are some benefits to taking advantage of cash back programs. Some even allow for long-term savings.

Some financial institutions may offer borrowers a cash rebate equal to 5% of the amount of their loan if, in return, the borrowers agree to borrow at a higher interest rate. This pract...

Make a budget

You wish to purchase a home, but have you budgeted accordingly?

Before thinking of buying a property, it is important to make a budget to ensure that it does not become a prison, but a place where life is good. It is not necessary to make a complete revision of your income and your expenses. However, buying a ...

Minimum down payment

Portability of the mortgage insurance premium.

You want buy a property but you do not have the capital outlay required of 20% of the purchase price to obtain a conventional mortgage loan. No problem the mortgage lender will refer your file to a mortgage insurer. You will be charge with a mortg...

Triplexes, quadruplexes

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence.

You’re buying a first home and like the vast majority of buyers your interest goes to a single family residence. Instead, why not buy a triplex or quadruplex?Of course, the in...