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Types of Mortgages

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  #Mortgage_Broker Gurbir Sandhu The different types of mortgages available in the Canadian Mortgage Market offer a great variety of solutions to a  borrower. The right kind of mortgage selection is, where a # Mortgage_Broker   can help you with. Based on #mortgage_rates and #repayment options, primarily there are the following 6-kind of #mortgages Conventional Mortgages High Ratio Mortgages Open Mortgages Closed Mortgages Fixed-Rate Mortgages Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM) Conventional Mortgages A mortgage where the down payment is equal to 20% or more of the property’s value/purchase price. A low-ratio mortgage does not normally require mortgage protection insurance. High Ratio Mortgages A #high_ratio_mortgage is one where the borrower is contributing less than 20% of the value/purchase price of the property as the down payment. These types of mortgages must have mortgage default insurance through Canada Mortgage and Housing Corporation (CMHC), Genwor
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  No two home buyers are alike, so the best mortgage option for one buyer is likely unsuitable for another. It’s up to the buyer and his or her lending adviser to make the right call based on these and other questions.   What is most popular #mortgage options in Canadian Market? Well! in general small to mid size mortgages are most popular, as demand for these are certainly the most. Small size mortgages are secure for both lender and borrower, these require less paper work and are quick to process. Important things you should know, if going for #first_mortgage + The #Canada_Mortgage_and_Housing_Corporation (CMHC) is a government department that acts as Canada’s national housing agency. Its mandate is to help Canadians access affordable housing options. Providing mortgage insurance to homebuyers. + #CMHC or Canadian Mortgage Housing Corporation is a government financial institution that guarantees a loan with the bank at a premium. It enables you to buy a home with as low as a 5% down
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