Some great news for strong borrowers…one of our lenders has just introduced a self-insured mortgage which can help your clients buy the home of their dreams—for less. With a Self-Insured Mortgage, a home buyer with a 5% down payment and a $250,000 mortgage can save $1,000 or more off the traditional one-time mortgage insurance payment required for high ratio mortgages. Rather than the traditional 2.75% premium ($6,875 on $250,000) that the borrower would be paying through CMHC/Genworth/AIG, the borrower will only be paying a 2.35% premium ($5,875 on $250,000) under this product. As stated this product is available to strong borrowers. i.e. excellent credit history.
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent
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