Buying a home with less than 20% down? We help you navigate Canada’s three main mortgage insurers – CMHC, Sagen, and Canada Guaranty—to get you approved.
What is mortgage insurance? Simply put, it offers banks and lenders a guarantee that if a homeowner were to default (not pay the mortgage), the insurance company will pay the lender any outstanding principal.
While it protects the lender, the real benefit is for you, the homeowner. In the past, a 25% down payment was required. Today, mortgage insurance allows you to purchase a home with as little as 5%, 10%, or 15% down.
Everything you need to know about Mortgage Default Insurance in Ottawa.
Mortgage insurance protects the lender against losses if a property is foreclosed, making them willing to lend to buyers with smaller down payments.
The main benefit for you: Purchase your home with 5%, 10%, or 15% down instead of the traditional 20% or 25% minimum.
Canada has three main insurers: CMHC (government), Genworth/Sagen (private), and Canada Guaranty (private).
All three offer essentially the same protection, but some are more flexible than others depending on your specific application nuances.
If there are any losses on the property or issues arising from a default, the insurer pays the bank any outstanding principal.
We know which insurer is best for your situation. We handle the submission process to ensure you get the best approval odds.
Brokers access multiple lenders and provide tailored solutions, whereas banks only offer their own products. Brokers save time and often secure better rates.
Ready to start your mortgage journey? Get in touch with our experienced team today.
Our mortgage experts are here to help you navigate the mortgage process and find the best solution for your needs.
74 Colonnade Rd, Unit 2
Ottawa, ON K2E 7L2
Canada
613.523.4949
office@ottawabrokers.com
Monday - Friday: 10:00 AM - 5:00 PM
Saturday - Sunday: Closed
@bankstreetmortgage
The words mortgage and loan have always been a bit scary to some people. So much so, that it takes away from the joy of actually purchasing a home. The good news is there’s nothing intimidating here at Centum Bank Street Mortgage in Ottawa. Our mortgage brokers make it their priority to put you in great hands and keep you there. You will easily walk away without ever having to fear the words mortgage or loan again; you can trust us.
Instead of all the negative feelings associated with residential mortgage loans, we take the strain off you so that you can go back to actually enjoying the idea of buying a home. We work together here in Ottawa to give you a mortgage loan that not only allows you to buy the house of your dreams, but also turns that house into your home. The stress and pressure of everyday life is enough without you having to worry about your mortgage. Take it easy, we’ll take care of you here at Centum Bank Street Mortgage so well; we guarantee it will be one of the more enjoyable tasks in your day. Help us help you get back to being happy.
If you’re looking to purchase your first primary residential property in Ottawa, we can help you. Buying a home is not like buying an investment property and requires a different kind of attention that Centum Bank Street Mortgage can supply you with.
When refinancing your primary residential property, CMHC and Genworth have certain guidelines in which we have to abide by. Thankfully, we have other companies that allow us to do things a little differently to help accommodate you better.
If you are an existing homebuyer in Ottawa, Canada looking to purchase a new primary residence, we have programs in place to help you or we can keep your current primary residence as a rental property, which will allow us to purchase the next property at 5% down.
Let’s talk about the options we provide you with for a minute. First of all, you can choose to go with a fixed mortgage loan, which essentially means that the interest rate is determined from the beginning and remains the same throughout the payment of your mortgage. This option supplies you with the security of knowing what your monthly payments will be for the remainder of your loan payment.
Another mortgage option you have is a variable mortgage loan. This option provides flexibility on a periodic basis on the interest rate of your loan while keeping the amount of your monthly payments the same. Your initial monthly payment will generally be lower than that of a fixed mortgage loan, however, your rate may increase or decrease towards the principle amount of your mortgage payment depending on the interest rate in Ottawa.
Our next option for your residential mortgage loan is our open mortgage. This allows you to pay a part of your mortgage or the full sum of the principle at any time without any penalties, making it an ideal option for those who want that little bit extra flexibility.
Contrary to an open mortgage, we also offer closed mortgage loans. Closed mortgages consist of a fixed payment option so that you know what your monthly payments will be and for how long.
We also give our clients the option of convertible mortgage loans. This allows our clients the freedom to switch from a variable mortgage to a fixed mortgage in accordance to their specific needs. This option essentially gives you the best of both worlds with regards to financing your mortgage to better suit you.
We understand that this is a lot of information to take in and that buying a home altogether is a stressful task. That’s why here at Centum Bank Street Mortgage we make it a priority to give you honest, truthful advice that you can rely on. As mortgage brokers in Ottawa, we’re here to provide you with the best residential mortgage rates for your needs. We have many different options that allow us to place you in a position you’re comfortable in without adding financial strain to your wallet. Whether you have good credit, bad credit or unstable income, we’ll be able to find the amortization and term best suited for you.
Visit us here at Centum Bank Street Mortgage for your Ottawa residential mortgage loan and let us make sure you leave here happy and stay happy.
When purchasing a home with 5%, 10%, or 15% down, most buyers will need mortgage insurance. If you’re exploring Mortgage Insurance Services in Ottawa or trying to understand the Best Mortgage Insurance Providers in Ottawa, it’s important to know that Canada has three main mortgage insurers: CMHC, Genworth (Sagen), and Canada Guaranty.
Is there a difference between mortgage insurance companies – All offer the exact same thing, but some are more flexible than others. It all depends on your mortgage application.
What is mortgage insurance? Mortgage insurance offers the banks and lenders a guarantee that if a home owner was to default (meaning not pay the mortgage) if there are any losses on the property or any issues that arise from the default the mortgage insurance company will pay the bank or mortgage lender any outstanding principal on the mortgage
Does mortgage insurance benefit the home owner? The real benefit from mortgage insurance is the benefit of putting down 5%, 10%. 15% 20% down. In the past, the mortgage down payment was 25% minimum.
