Personal Finance Buzz

Here’s the message conservative lenders are sending: Don’t have a baby if you want to qualify for a mortgage.On maternity leave or paternity leave, it’s common for a family’s income to drop.

The Canada Mortgage Housing Corporation (CMHC) provides mortgage loan insurance to lenders for home buyers with a down payment of less than 20%, to as low as 5%. However, this is not to protect the buyer, it is used to protect the lender.

When purchasing a home and procuring a loan through any mortgage lender, one of the requirements will be to get home owners insurance.

There are no mortgage companies or banks that I know of who will give someone a loan unless their home is insured. This makes perfect sense as the lender is really the owner of the property until the mortgage is paid off and discharged.

Buying a home mortgage if you are based in New Jersey would require some considerations, especially regarding the current prevailing mortgage rates. Although there are a number of factors that you have to consider there are some basic criteria of New Jersey mortgage such as mortgage loan type, mortgage term and mortgage rates.

These aren’t the heady days of 2006, when you could get approved for a huge mortgage with a modest paycheck. Today, mortgage lenders are looking closely at your income, and making sure you can repay your loan. You may need to change your expectations

The terms home loan and mortgage are used interchangeably, and chances are you probably don’t even know whether what you are repaying to the bank to eventually own your home, is a mortgage or a home loan.