E-MTG Easy Mortage
505 Highway 7 L3T 7T1 Markham, ON, Canada

Why your neighbour's kid is getting a better mortgage rate than you( even your five-year fixed mortgage rate is a good deal --3.84%) The answer is that in 2018, he is a much better credit risk for the bank. This may not make sense on the surface, but let me explain how crazy our mortgage system has become. From the bank’s perspective, they would rather lend to someone who put down very little but had their loan guaranteed by the Canadian Mortgage and Housing Corporation (CMH...C), than to someone borrowing $300,000 on a $1.5 million house with no insurance or guarantee on the payment of that mortgage.Now, it is true that in order to qualify for the low mortgage rates you would have to pay a one-time insurance payment to CMHC or another Insurer. At the moment, this insurance cost is usually a little more than the mortgage rate benefit of getting a lower rate for a low down payment, although there have been times this year, when it was actually better to pay for the insurance and get a much cheaper mortgage. Contact Easy Mortgage, we can offer the best mortgage choice for you! See more