January 2018

Found 2 blog entries for January 2018.

Understanding LMI for Home PurchasesThe standard down payment for a home is 20 percent of the purchase price, but not everyone has that much saved up. Homebuyers typically pay for Lenders Mortgage Insurance (LMI) if they're unable to make come up with the 20 percent. The expense of LMI can be considerable, but it's often the only way for a buyer to purchase the property. See how it works, and why it actually benefits buyers in the long run.

How It Works

A bank wants to take on as little risk as possible, so they're going to reward people with more cash on hand. Meeting only the minimum down payment of 5 percent means a homeowner is going to have very little equity in the home, making it that much easier for them to abandon. LMI is designed to protect the lender in case the

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What Is A Home WarrantyIn some provinces, new home builders are required to offer a home warranty to home buyers. In other parts of Canada, the decision to offer a home warranty to buyers is left up to the home builder. Regardless of location, buyers of new homes should be aware of a builder's home warranty policy and what it covers.

Lack of a home warranty policy can be a point of concern. Reputable builders who are customer service oriented often provide a warranty to ensure the customer's needs are addressed even after move-in. Reading the policy before purchasing the home can help the buyer go into the deal with open eyes.

What Does A Home Warranty Cover?

In general, home warranties often offer protection against structural defects, defects in work, defects

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