Home Buying Mortgages

...for Repeat & Second Home Buyers

You own a home now but you would like to buy something bigger and you're not sure of your options, or you want to buy a second home for vacation, recreation, or family to live in. 

MoneySearch.ca has access to dozens of lenders that can do Conventional Mortgages as well as High Ratio Insured Mortgages, on first and second homes.

Fast, Safe, Secure Online Mortgage Application
Mortgage pre approvals for Canada
Canadian Mortgage Application by Fax

High Ratio Insured Mortgage

Typically when people purchase their first home they have less than 25% to put down on the purchase price. 

In Canada when a home is mortgaged for more than 75% of its value the bank is required to have mortgage insurance on the loan. 

Most times this insurance is provided by CMHC (Canada Mortgage and Housing Corporation), which you have probably heard of, or GE (GE Mortgage Insurance Canada , now Genworth), which you may not have. 

You pay an insurance premium (up to 7.3% but most times around 2.75%) on top of your mortgage amount and the bank has the assurance that if you default the mortgage will be covered by the insurance policy. 

There are dozens of banks in Canada but really only 2 mortgage insurance companies (CMHC - Canada Mortgage & Housing Corporation & Genworth - GE Capital) so when a bank is 'approving you' they are really only getting you approved by the mortgage insurance company

If you are insurable then the bank will lend you the money because they are covered.  So if you are running from bank to bank getting turned down for your mortgage and nobody will tell you why then you probably aren't insurable for some reason. 

We will explain the situation and help you get insured.  If not now then soon!  In the event that you can't get mortgage insurance, we work with several Non-Conforming Lenders who insure themselves

Conventional Mortgage

You've heard the term Conventional Mortgage before but do you know what it means?  Typically what 'conventional' refers to is a mortgage for less than 75% LTV (Loan To Value).  These mortgages don't need to be insured although some banks still protect themselves with mortgage insurance. 

These conventional mortgages can be used for people that will have 25% or more equity in their homes or for some properties that aren't residential but aren't necessarily commercial in nature.  For example:

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