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Mortgage Insurance on Post Tension Cable Buildings
This is a topic, that as a condo buyer, you really need to be a aware of. A lot of condo buyers, not all, are either first or second time buyer's whose downpayment may be less than 20%.
You should know then that as a buyer with less than the minimum to put down that you will be subject to mortgage insurance. (If you want more information on mortgage insurance you should really contact Scott Dawson)
There are two major insurer's in Canada, the first being CMHC and of course Genworth Financial(there is a 3rd Canada Guarunty, but we aren't talking about them today).
Not all lender's will work with both of these insurer's, a lot of times a lender may ONLY work with one. If you get stuck with one of those lender's, and the mortgage insurer they use is Genworth, then you may want to re-think that strategy.
Why you ask? Well, I could write it out here...or I could suggest you watch the quick video below for the crisp explanation. If you have any further questions do not hesitate to get in touch with me at kelley@kelleyskar.com
