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A regular home loan, called a conventional mortgage, is when you pay at least twenty percent of the home’s price as a down payment.
A regular mortgage is different from a high-ratio one, where you pay less than one-fifth of the property price as a down payment. With a regular mortgage, you don’t need to buy insurance from the Canada Mortgage and Housing Corporation (CMHC).
In Canada, regular mortgages can have a fixed interest rate (it stays the same) or a variable rate (it changes based on the market). The big advantage is you don’t have to buy mortgage insurance, which can save you a lot of money over the loan.
But, because the down payment is higher, it might be a bit harder for some people to get. If you want to know more about regular mortgages, just give Gary Hundal Mortgages a call whenever you like.
A regular mortgage is different from a high-ratio one, where you pay less than one-fifth of the property price as a down payment. With a regular mortgage, you don’t need to buy insurance from the Canada Mortgage and Housing Corporation (CMHC).
In Canada, regular mortgages can have a fixed interest rate (it stays the same) or a variable rate (it changes based on the market). The big advantage is you don’t have to buy mortgage insurance, which can save you a lot of money over the loan.
But, because the down payment is higher, it might be a bit harder for some people to get. If you want to know more about regular mortgages, just give Gary Hundal Mortgages a call whenever you like.
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