Recently I sat in a mortgage seminar and was enlightened to the new processes and new products that are out there when looking to finance a property. Most people have heard that it is a great time to buy because of the extremely low interest rates. There are a number of great programs out there when you start looking to buy a property and are looking into financing the purchase.

One of the biggest issues a lot of people have is not paying the monthly mortgage payment amount, it's coming up with a down payment. Trying to come up with 20% is a tall task. With a lot of these programs you do not need 20% down.

Another fear people have is mortgage insurance. People don't want to pay more on top of the mortgage for the life of the loan because they aren't able to put 20% down.

Did you know that mortgage insurance can be dropped after you pay off 78% of the original loan value as long as you continue to pay on time with some of the different loan options available? You can also request that some mortgage insurances be removed after a period of time.

Contact a lender to discuss all of your options. My suggestion would be to use a local lender. They know the area and are usually available to talk and not just an 1-800 number online halfway across the continent.