High-Ratio Mortgage
With a high-ratio mortgage, you can contribute less than 20% of the cost of the home as a down payment, with down payments as low as 5%.
This type of mortgage requires loan insurance through Canada Mortgage and Housing Corporation (CMHC). The loan insurance can be added to your payments, or paid in full on closing. Depending on the size of the down payment, the insurance premium is between 0.5% and 3.75% of the balance of the mortgage.
Interested in a high-ratio mortgage?
Charlene