Is mortgage insurance a waste of money?
Is mortgage insurance a waste of money?
It’s nearly impossible to make that kind of return in the stock market, retirement account, or another financial instrument. PMI, then, can be viewed as an investment — a very sound one — and not a waste of money. Mar 15, 2022
Can you have 2 insured mortgages?
CMHC Insurance Rules For residential mortgages, you can only have one homeowner CMHC-insured mortgage at a time, which means that you cannot get a CMHC-insured mortgage for a second home.
Can you wrap closing costs into loan?
One way to avoid upfront closing costs is by rolling them into your loan balance. This is allowed when you refinance an existing mortgage, but not when you buy a new home. Or, you can have the lender pay your closing costs in exchange for a higher interest rate. Both home buyers and refinancers can choose this option. Feb 25, 2022
