RAPTOR MORTGAGES

 The money from Mortgage Insurance goes to the person you choose as the beneficiary. This helps your family cover the mortgage and other expenses when necessary. 

Down payments on a mortgage don’t have to be paid entirely in cash – they can also come from RRSP savings. Many new mortgage recipients use this option, which under federal rules allows an individual to use up to $35,000 in RRSPs ($70,000 for couples) towards a mortgage down payment.

The conditions for RRSPs are that the funds must be kept on deposit for a minimum of three months, and to free the RRSP money requires a signed agreement for the purchase of a home.

Why do this? Aside from giving you the flexibility to use more than cash, an RRSP contribution will be counted as a tax deduction, letting you use the resulting tax rebate to help cover expenses. However, using RRSPs towards a mortgage may have implications when it comes to financial growth protected from taxes, so it’s best to speak with a financial planner before going this route.

 Mortgage Insurance coverage remains in force until the policy term ends or until you reach age 65. (If your spouse is also covered and is younger than 65, your spouse coverage remains in effect until he/she turns 65.) %p All Mortgage Insurance coverage stops if you discontinue premium payments or if you request termination of your policy. 

Often, family members of someone looking to buy a home may offer financial support for the significant purchase. In terms of securing a mortgage, these funds are acceptable for use as part of the down payment.

However, there are a few specific conditions to consider: Before an application for federal mortgage insurance with CMHC or similar entities is submitted, the gifted money should have been given to the buyer. Additionally, a formal letter confirming that the gifted amount is a genuine gift, not a loan, may be necessary.

Many mortgage lenders offer the option of a 5 percent down payment, a fraction of the standard 20 percent needed for a conventional mortgage.

However, unlike traditional mortgages, these low down payment loans necessitate insurance to safeguard the lender against default risks. This insurance incurs premiums, increasing the overall expenses of a 5 percent down loan compared to mortgages with higher down payments. Moreover, additional costs such as fees for insurance premiums and relevant taxes can be rolled into the mortgage.

Furthermore, a 5 percent down payment must be in cash or sourced from a family's gifted funds.

For those new to the realm of mortgages, the concept of down payments might seem perplexing. Put simply, when securing a mortgage to purchase a home, you're required to contribute a portion of the home's price. It's a financial commitment that's integral to obtaining a mortgage. Remember, acquiring a mortgage marks a significant, likely the most substantial, financial agreement in your life, typically lasting a considerable duration.

The down payment represents your ownership share in the new property. Depending on various factors like mortgage terms and home value, it could be as low as 5 percent upfront or higher. Before embarking on house hunting, it's crucial to have a clear understanding of the down payment amount that fits within your financial means.

However, it's essential to recognize that a down payment doesn't solely determine your initial investment in the mortgage process and homeownership. It significantly impacts the overall cost of your home throughout the mortgage's life. The more you borrow through a mortgage, the greater the resulting interest expenses. Therefore, allocating more funds to the down payment yields substantial long-term savings. Considering the lengthy duration of many mortgages, this translates into significant monetary benefits.

 With many of our programs, the premiums stay the same as you get older. 

 Yes they can. Many policies have insurability and underwriting guidelines that are broad and liberal. However, some applicants may be declined. If that happens, you and your spouse may apply for separate policies 

 Numerous policies are available that don't mandate a medical examination. Depending on your responses to the policy's health-related questions, insurance providers might request further details from your doctor. 

Before starting the home-buying process, securing a pre-approved mortgage stands as a crucial initial step. Many real estate agents refrain from showcasing available properties until they've confirmed your pre-approval, ensuring you're capable of affording a property within their range.

Pre-approval involves obtaining a guaranteed interest rate for a specified amount and duration, typically lasting between two to four months. It's akin to receiving the go-ahead in paperwork, signaling your eligibility to potentially secure a mortgage. However, there are requirements for pre-approval, specifically the provision of written evidence regarding your employment status and income.