When your down payment is less than 20% of the property value, you’re required to pay an insurance premium. Lenders find such a down payment more of a risk, so the insurance premium is a guarantee for the lender in the event of your defaulting on the loan.

A mortgage by itself is already a massive undertaking, and adding the costs of renovations could easily push you over budget. Having said that, we should give you the great news: yes, you can roll a renovation loan into your mortgage. The best thing for you to do is to contact us about the details. We’ll give you an overview of what options you can expect.

Well, a good deal on a mortgage is usually the one that offers you a lower interest rate and easy repayment terms. You should make sure that before applying, you will compare the rates and other terms offered by different lenders to get an idea of what the loan will cost you. You should also know that there can be significant differences in several other charges like closing cost, prepayment fee, appraisal cost, legal fee etc.

A professional broker will help you get familiar with the process involved in taking a mortgage, and saves you the time you may need to grasp the details of this industry. An experienced broker can advise you on how to go about getting the loan. He/she will also give you a fair estimate of the charges that will be added by the lender. A qualified mortgage broker can help you find the right lender for your needs quickly, and with minimum effort from your side.

Well usually the cost of getting a mortgage through a mortgage broker is not paid by the home buyer but is instead paid by the lending institution providing the mortgage. Therefore, you do not have to pay for the services of your mortgage broker.