What is Mortgage Insurance in Canada

What is Mortgage Insurance in Canada?

My son is buying his first property and we were hoping that you could explain why he needs mortgage insurance?  What is it and how will it affect his new house purchase?AnswerMortgage insurance refers to an insurance policy that covers the lender of the mortgage to reimburse them for any losses due to the purchaser defaulting on the mortgage payments.  It is mandatory ...

Qualifying for HST loan if transfer new condo to a family member

By RenePMortgages0 comments
Hi,    Are there any implications regarding obtaining the HST loan if I decide to transfer ownership of a new condo property to a family member (e.g., parent or sibling)?   Thanks.AnswerIf you plan to transfer the property to an immediate family member, such as a parent or sibling, we would recommend that you do this prior to closing the property and to obtain an amendment from the builder ...

HST Rebate in Ontario

I am purchasing an investment condo with 2 other investors.  We plan to register one of our friends as a small minority owner because we will need their help to qualify for the mortgage.  Before ...AnswerIf you were to be moving in to the new build condo as a primary residence, all of the people on title would have to be moving in to qualify for the HST rebate.  And, if you have a co-signor on the ...

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