IK Financial is a mortgage agency founded in 2010 by licensed mortgage agents Inna Bogdanov and Katerina Markevich. With a strong network of lending partners, IK Financial's main focus is to find the best lending opportunity in the home-finance market. IK Financial strives to bring all the latest technologies into daily practices with a client experience and data security in mind.

We have strong and experienced mortgage underwriters team behind the scenes. They evaluate, analyze, and prepare your file for successful fundings. Our key to success is the personal involvement of Inna and Katerina in every home-finance transaction. You can learn more about the IK Financial team on our "Our Team" page.

The type of mortgage product that is right for a person will depend on their individual circumstances, such as their financial situation, credit score, and the type of property they are purchasing. Some common factors that can affect a person's mortgage options include the size of their down payment, the loan-to-value ratio, and their ability to qualify for certain types of loans. IK Financial team is here to help evaluate your options and choose a mortgage product that is right for you.

Book your complimentary consultation to speak with our licensed mortgage agent.

While it is recommended to have at least 20% down to avoid Mortgage Default Insurance, you still can purchase your investment with less than 20% down payment.

So, what down payment should you have then? Here is a break down:

• For homes $500,000 or less, a 5% down payment is required;
• For homes $500,000 or less than 1 mil., you'll need to put 5% down for the first $500,000 and 10% for the remaining purchase price;
• And finally homes that are 1 mil. or more require a 20% down payment and are not eligible for mortgage loan insurance.

*Example: If the property price is $750,000, the minimum down payment would be $25,000 (5% from first $500,000) + $25,000 (10% from the difference $750,000-$500,000=$250,000) Total downpayment is $50,000.

For over 20 years in the mortgage industry, we have seen a lot, and our experience and access to various landers open up great opportunities for everyone, whether you are employed, self-employed or incorporated.

The main difference between A and B banks, credit unions, and private lenders is the type of financial institution they are.

• A and B banks are traditional financial institutions that are regulated by the government and offer a range of financial products and services, including checking and savings accounts, loans, and investment options;
• Credit unions are non-profit financial institutions that are owned and controlled by their members, and they typically offer similar products and services as banks but may have different fees and eligibility requirements;
• Private lenders are individuals or companies that provide loans or financing to borrowers, often with different terms and interest rates than banks and credit unions.