Low Down payment Loans with First and Second Mortgages

Posted on: February 17th, 2015 by firstandsecondmortgages No Comments

There are many different types of mortgages. The two basic types of mortgages are Conventional Mortgage and High Ratio Mortgage. If you can’t afford the 20% down payment for a conventional mortgage, a High Ratio Mortgage allows for a smaller down payment so you can own a home – and you can own it now.

In Canada, mortgage insurance is required under Bank Act Law for those making less than a 20%down payment on a property. So if you purchase a home with a High Ratio mortgage, you will pay mortgage insurance.

Mortgage insurance is a win-win situation for both home buyers and lenders. Lenders rely on mortgage insurance to protect themselves from financial losses in case a loan is not repaid. This means you can get access to home ownership earlier at the lowest cost, and with a small down payment. It also means you will begin to build equity in your home sooner.

At First & Second Mortgages our goal is to create alternatives for home buyers with less than perfect credit. Your second mortgage in Canada is just a phone call away. Call First and Second Mortgages at 1-866-405-1228 and get started now.

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