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- 1185 Queensway E, Mississaugua, ON. L4Y OG4, Canada.
- Mon - Fri 9am - 6pm
Service Details
Mortgage Insurance
Service Overview
Understanding Mortgage Insurance
Achieving the dream of homeownership is significant but comes with substantial financial responsibilities. The Canada Mortgage and Housing Corporation mandates mortgage insurance for home purchases with a down payment between 5% and 19.99% of the property cost, providing a safety net for buyers and sellers in challenging circumstances.
Mortgage insurance safeguards the lender when the buyer faces payment challenges due to life’s uncertainties, such as death, unemployment, accidents, or disability. In Canada, mortgage insurance is mandatory if the down payment is less than 20%. This mitigates risk for the lender, and various insurance products are available, requiring careful consideration based on budget and needs. Purchasing mortgage insurance in Canada can be done independently online or with the assistance of a reputable broker like The Star Financials. Qualification depends on factors like credit score and property location, emphasizing the importance of preparation.
Benefits of Mortgage Insurance
- Provides equal homeownership opportunities for all Canadians
- Reduces risk for lenders
- Transfers risk to the insurer
- Helps maintain stable interest rates
Despite thorough preparation, unforeseen hurdles may arise, particularly for first-time homebuyers. Loan rejections from banks, often due to low credit scores, high debts, or self-employment, have led many to explore private lenders. Planning is crucial, and a mortgage insurance checklist includes:
- Evaluating finances.
- Checking credit scores.
- Shortlisting lenders and mortgage plans.
- Understanding lending criteria.
- Gathering required documents.
Planning savings and managing loans is essential, and a Mortgage Insurance Calculator assists in estimating insurance costs based on mortgage details. By inputting property cost and down payment amount, the calculator provides a potential insurance premium, facilitating online calculations of mortgage rates.
The Star Financials Insurance is dedicated to understanding clients’ needs, financial history, limitations, and budget. Especially beneficial for first-time buyers, we guide clients in improving credit scores and securing optimal mortgage rates. Our commitment is to simplify the insurance process, offering expert advice to navigate hurdles and select the most suitable plans.
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Blog & News Update
Life throws curveballs, but filing your insurance claim shouldn’t be one of them. At The Star Financials, we understand the stress an unexpected event can bring, and that’s why we’ve made the claims process easy, efficient, and stress-free.
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1185 Queensway E, Mississaugua, ON. L4Y OG4, Canada.
info@thestarfinancials.com
+1 (416) 832-7932