If you're buying your first home and are borrowing more than 80% of the home's value, the mortgage must be insured by CMHC, GENWORTH or AIG.

This insurance protects the lender against your default, and enables them to give you mortgage financing for the purchase of a home with as little as no money down.

Mortgage default insurance can make a big difference in how quickly your mortgage loan is approved and also allows you to start enjoying the benefits of homeownership sooner rather than later.

If you have less than a 20% down payment, you'll pay a mortgage default insurance "premium" which is usually added to you basic mortgage amount (capitalized into your mortgage). This premium will be based on the percentage you borrowed of your home's total value.

There are many types of mortgage default insurance products, allowing you to buy a home with a very low down payment - and sometimes no money down at all.

Banks are making huge profits on mortgages. Did you know that if you take the average mortgage and borrow $200,000 at bank posted rate say 7% with 25 year amortization and monthly payments you’ll have to pay back $420,250.42.

Now take the same mortgage amount but take our VERICO mortgage at for example 5.5% and you’ll save $54,014.54 in interest.

This is a lot of money and I will help you to pay off your mortgage faster!

Click here to see if you are ready to be a homeowner