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Private Mortgage

With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy a home.  When the banks turn borrowers down the next option is to look at “Subprime” lenders.  There is a significant misconception applied to this “subprime” market, so let me explain them a bit.

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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…)