Georgina Mortgages


Diana Campbell


430 The Queensway South

Office (Re/Max): (905) 476-4111

Cell Phone: (289) 221-2112

Mortgage Agent - Lic. #10409

Keswick, Ontario

L4P 2E1

Fax Machine: 1 (905) 656-6560


Conventional Mortgage - means your mortgage is not insured. For this to happen you would need to have at least 20% of the purchase price (or appraised value if you are refinancing) for your down payment. With a larger down payment, your deal becomes stronger, and at less risk to the lender, so insurance is unneeded.

Insured Mortgage - means your mortgage is insured. If you have a down payment of less than 20% of the purchase price (or appraised value) your mortgage will need to be insured with a company such as CMHC, Genworth, or Canadian Guaranteed. An insurance fee will then be added to your total mortgage, which will slightly increase your mortgage payments.  This is the most common type of mortgage.

Private Mortgage - means the mortgage is financed by a private lender, usually a single person, couple, or small investment company (not a typical lender or bank). These mortgages are not insured. If for some reason you cannot qualify to get a typical insured or conventional mortgage, you may want to consider this option. Most people in this situation may have credit or employment issues. The down falls of private financing, is that the interest rates are high and therefore your payments will be too. Closing costs can also be more expensive. In most cases you will only need private financing for a year, possibly two, and after that you can qualify for a regular mortgage. For some, the temporary higher payments are worth it to get what they want.

Types of Mortgages

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