Did you know that mortgage insurance can allow you to purchase your first home with a down payment of only 5%? It’s enough to have you dreaming of housewarming parties!
With the rising cost of home ownership showing no signs of slowing down anytime soon, you might easily imagine that access to property ownership is more difficult these days. A Pollara poll showed that on average, Canadians buy their first home at… 36!
However, if you’re a potential home buyer with a down payment of at least 5% saved, there’s a solution that can help. Mortgage insurance. See how it can allow you to go from being a renter to a buyer.
First off, what’s the difference between this insurance, and the kind you get through the bank?
It’s important not to confuse mortgage insurance with the life, disability or critical illness mortgage loan insurance you can get through your bank. The first is aimed at lenders, though it’s generally paid by the borrower. As for the three others, they are taken out by the borrower (that’s you!) to cover your loan in case of death, disability of critical illness.
For more information, read the full article on National Bank website.
Royal LePage 1 year mortgage-free contest
Did you know that the Royal LePage 1 year mortgage-free contest running in Quebec until July 31, 2018 could make you win your mortgage payments for one year? For all details, visit www.royallepage.ca/1year.