HomeFinancial SuccessBuying A House? Home Ownership May Be In Reach With Only 5%...

Buying A House? Home Ownership May Be In Reach With Only 5% Down

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Many people would love to buy a home, but don’t have the 20% down payment needed for a conventional mortgage.  But there’s good news. Homeownership may still be within your reach. That’s because you may be able to buy a home for as little as 5% down if you also buy mortgage default insurance.

What is mortgage default insurance?

Mortgage default insurance protects your lender if you default on the loan.  If you default on your mortgage, your lender can start proceedings to sell or take over your property. The insurance covers your lender’s losses after the property sells.

How do I get mortgage default insurance?

Your financial institution will arrange this insurance for you through Canada Mortgage and Housing Corporation (CMHC). They pay the insurance premium directly to the mortgage insurer and add these costs to your mortgage principal. You pay this insurance back to the lender, with interest, as a part of your mortgage.

Speak with one of our North Peace Savings and Credit Union Advisors who will discuss the options available to you. 

Get started today! Contact an NPSCU Financial Advisor at 1-877-787-0361 

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Financial Success | Presented by North Peace Savings and Credit Union
Financial Success | Presented by North Peace Savings and Credit Union
Shannon Luscombe is a Manager Retail Advisor with North Peace Savings and Credit Union with a decade of experience working within the Credit Union system. She moved from Vancouver Island in 2019 to be with her husband who works in the Oil & Gas industry bringing with her Credit Union knowledge and experience to join the NPSCU team. She has a passion for helping Members succeed in achieving their financial goals, by sharing strategies and advice gained from a combination of education and experience in the financial industry. Shannon says “the friendly people of Fort St John have made me feel right at home here and I am loving Northern life. I enjoy exploring the Peace region and all the beauty it has to offer with outdoor hiking, biking, and kayaking.” Book an appointment with Shannon today 1-877-787-0361

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