First Time Home Buying Is Getting Easier
Benefits of Mortgage Default Insurance.
1.If you're buying a home and are borrowing more than 80% of the home's value, the mortgage must be insured. This insurance protects the lender against borrower default, and enables them to give you mortgage financing for the purchase of a home with as little as no money down. Mortgage default insurance can allow you to enter the mortgage market faster than you might have imagined. Mortgage default insurance is not the same as life or disability insurance.
2.Lower down payment funding available. Mortgage default insurance is a win-win solution for both home buyers and lenders. Lenders rely on mortgage default insurance to protect themselves from financial losses in case a loan is not repaid. Because lenders have this protection, they are willing to offer loans with very low down payments - as little as 5% of the loan amount or, in some cases, with no money down at all.
3.Buy a home sooner. For loans without mortgage default insurance, lenders require a down payment of 20% of the purchase price. That's a lot of money, especially in today's housing market of fast-rising prices. And while you're saving up for this down payment, the price of your dream home may rise faster. Mortgage default insurance allows you to start enjoying the benefits of homeownership sooner rather than later.
How it works. If you have less than a 20% down payment, you'll pay a mortgage default insurance "premium" which included in your mortgage. This premium will be based on the percentage you borrowed of your home's total value. There are many types of mortgage default insurance products, allowing you to buy a home with a very low down payment - and sometimes no money down at all. Talk to me today to see if mortgage default insurance can help you move into your dream home sooner.
Already Own Your Own Home? Reduce overall interest payments.
Let's face it-your mortgage isn't the only debt you have. If you're like most people, you probably also have a credit card balance and one or two consumer loans.
But while your mortgage may not be your only debt, it's almost certainly your least expensive debt. So why not consider taking equity out of your home, paying off your other debts and ending up with a single monthly payment at a much lower interest rate? Talk to me to find out how. It's easier than you think, and my services cost you nothing!
For more information on obtaining a mortgage or the mortgage process contact Jacqueline Baker-The Mortgage Centre 604.724.6982
