The payment insurance premium for high ratio mortgages depends upon factors like property type and borrower's equity. Mortgage terms over 5 years offer payment stability but have higher rates and reduced prepayment flexibility. Mortgage loan insurance protects lenders by covering defaults for high ratio mortgages. Shorter and variable rate mortgages allow greater prepayment flexibility. First Time Home Buyer Mortgages assist young people achieve the dream of home ownership early on in life. Accelerated biweekly or weekly
Mortgage Brokers In Vancouver repayments can substantially shorten amortization periods. Mortgage portability permits transferring a preexisting mortgage to some new eligible property. The standard payment frequency is monthly but accelerated biweekly or weekly schedules save substantial interest. MIC mortgage investment corporations provide an alternative for borrowers declined elsewhere. Fixed rate mortgages have terms ranging from 6 months approximately 10 years with 5 years being most widely used currently. First-time buyers should research available incentives like rebates before looking for homes. Mortgages remain registered against title for the property until your home equity loan has been paid entirely.