[ToddSiciliano]

I'm looking to buy a condo in the upcoming 3 months. I have 3 children and they are in grade school. I am dreaming to go with a detached 3 bedroom house. My wife wants to buy either in GTA or in Mississauga only. My office is between GTA and Mississauga only but most of the time I work from home so I don't have any problem, with the location.
I have a fair credit score and will put 20% down payment. I don't know if I should get my mortgage through the bank or mortgage broker? I do understand rates from brokers are usually better but is it less secure?
One of my friends suggested me to go with the mortgage loan insurance as it protects the lenders against mortgage default.Any suggestions would be appreciated :) Thanks in advance!

[Tesco-Bank]

Hi . As we are a UK bank, we can't offer advice on mortgage or loan products for Canadian properties I'm afraid, but perhaps some of community members can provide you with some suggestions? :) - Joe

[kareena2b]

not sure how it works where you are-but any insurance product/company should be compared to others reading all the clauses and small print. An arduous task. Why would you take out insurance to protect the lender? There are insurances you can take out on a personal level to cover yourself and the mortgage repayment in case of accident or ill health and of course a separate insurance for the property against damage or total loss. I am also aware, (in the UK) that a mortgage broker is useful if you have an unusual job, uncertain employment future, newly self employed, not a good credit history, the property is made of concrete, on a short lease etc and thereby you or the property are not attractive to the big banks as a good investment

[RoseParr]

To be honest, I do not know the answer to this question. At one time I lived in a rented apartment, I was evicted from it, I will say one thing from my life experience, behave with dignity wherever you are. At that time, I was not particularly steamed and went to live with a friend. He received me with warmth and hospitality, but when I stayed with him for a month and he received huge taxes, he said to me: ""my Friend, of course we are friends, but you can't go on living with me.""
Of course I was upset, especially, I forgot to mention, he gave me a couple of days to move. I was looking for an apartment for a long time, but everything was incredibly expensive for me. Then one site with loans and mortgages knocked out my ad requests ... I was interested and then I thought about taking out a loan and buying an apartment. I consulted with everyone, weighed all the pros and cons and realized that this was a really cool idea .. .I am glad I came across Mortgage Broker Cardiff​​​​​​​.

[CSKBrambles]

Hi @RoseParr

Gosh !

It sounds like you've been put through the mill, i'm glad to read your happy ending.

Your mortgage payment is probably your biggest monthly outgoing.

If you were unable to work due to illness or redundancy, you'd still need to make your repayments or you'd risk losing your home.


There are two main options for protecting yourself:

1) Mortgage Payment Protection insurance specifically to cover your mortgage payments

2) General income protection insurance (where the payments you would receive could be used for anything).


Mortgage payment protection insurance (or 'MPPI') allows you to continue paying off your mortgage if you are no longer receiving a secure income.

I hope this clarifies for you.

Best wishes, Chris, @CSKBrambles

[25H]

Hi @RoseParr

I'm pleased to hear you came to a great decision with your Mortgage Broker 😀
Take care and stay safe, Caz @25H

[tpayne1987]

We decided for a long time where we want to buy a house and how many rooms there will be , because ns has a very large family. When choosing, we were based on the location of useful objects around our future home. Well, another very important factor was the landscape, then our children were pleased to grow up in beauty. We chose badya palm hills because we have been following this project for many years and have seen how it has developed. The main thing if you decide to buy a house, try to save as much money as possible, do not take additional loans and do not rent a villa.