Sunday, 9 November 2008

Aclaration about how to buy a house

I'm sorry that I've been so lost from my blog this last week, I have SO much work right now! So please stay with me :)

I want to use this post to publish an aclaration my friend and realtor Pedro sent to me about one of my posts:

"Since you are giving only 5% of downpayment, the mortgage is considered "high ratio", so the bank asks for insurance. If the downpayment was equal or higher than 20% of the price of the house, that insurance wouldn't be necessary, although you still can get it if you want to. The institution most commonly used for that is CMHC(; although there are others. The web site has a lot of information about the type of insurance and the premiun applicable depending of the downpayment."

This ends everything I can remember about buying a home, so the next posts will be about moving! :D

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