Mortgage Advice

What is CMHC Mortgage Insurance? Jonathan Fung Mortgage Specialist Explains!

CMHC Mortgage Insurance Explained by Jonathan Fung Vancity Mortgage Specialist! What is CMHC Mortgage Insurance? To answer this question, I recently met with Jonathan Fung, a mortgage specialist with Vancity who was kind enough to discuss CMHC mortgage insurance with us. What is CMHC Mortgage Insurance? CMHC stands for Canada Mortgage and Housing Corporation, which is a Crown Corporation owned by the Federal Government. One of CMHC's core functions via its Mortgage Insurance is to assist illegible buyers purchase a home in Canada with less than a 20% down payment. Lenders and Financial Institutions view property purchases with less than…

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Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!

Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage. What is a variable rate mortgage? This is a mortgage that has an interest rate that changes in line with the Bank of Canada's prime rate.Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time. What is a fixed rate mortgage? A fixed rate mortgage has a set interest rate…

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