High Ratio Mortgage Insurance Premium
If you obtain a loan for a high portion of the property's value, you may need to obtain high ratio mortgage insurance. If your bank or other lender has put this requirement in place, you may wish to contact World Class Mortgages and see what we can do for you. The premium on these mortgages can vary greatly from one company to another, so it doesn't make sense to simply take the first offer your bank gives you.
If you are a first time home buyer, or have not had a high ratio loan before, you may not understand the purpose of this insurance. Let one of our expert mortgage agents work with you and explain how the process works and help you find the best deal possible.
Generally, it comes down to what you put down as a down payment. The lender is taking a risk when you borrow a large portion of the value, because you may not actually be able to handle the monthly payments, or you may be otherwise at risk of defaulting on the loan. Because of this, they want some guarantee that they will get paid. This is where high ratio mortgage insurance comes into play. You'll pay monthly towards the premium, and the lender has assurance they still get paid even if you default on the loan.
No matter what your borrowing needs are, contact one of World Class Mortgage brokers, and let us help you find the best deal possible. You will find the process much simpler and less time consuming than you thought possible.