Mortgage tidbits for those looking to buy, including a way to get an uninsured mortgage without 20 per cent down
the rate of the country’s homeowners in the past decade. Many of these renters want to buy but they can’t beat the insured-mortgage stress test and/or come up with the minimum 20 per cent down payment for an uninsured mortgage.
Because the mortgage is uninsured, the borrower saves default insurance fees, which amount to $20,800 to $37,000 depending on the purchase price, plus provincial tax and interest on the fee. One thing you should be aware of is that Ourboro’s cut of any profits is calculated before you pay realtor commissions for selling. In other words, the homeowners pay the realtor fees.
As for lender options, they’re a little sparse. According to its website, Canadian Imperial Bank of Commerce is currently the only lender Ourboro works with for prime mortgages. The company is in talks with a number of other lenders. For non-prime mortgages, it’s partnered with Equitable Bank and mortgage brokers.Corp., is one of those brokers.
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