First National Offers Mortgage Insurance

First National Offers Mortgage Insurance

First National Financial LP, the largest non-bank provider of single-family residential mortgages in Canada, launched its Self-Insured Mortgage this week. It is meant to be a low-cost option to CMHC's high-ratio mortgage insurance. With a First National Self-Insured Mortgage, qualifying home buyers can shave 0.40 percent off the one-time mortgage insurance payment. The First National insurance is tailored to Canadians whose down payment is five percent of the purchase price. On a $250,000 mortgage, for example, qualifying home buyers with a First National Self-Insured Mortgage will save $1,000 more than they would if they obtained their mortgage through a lender requiring mortgage insurance, according to First National. First National's Self-Insured Mortgage is distributed through mortgage brokers across Canada