High Ratio Financing

A high-ratio mortgage is a loan that is above 80% and up to 95% of the purchase price or appraised value of the home, whichever is less. These mortgages must be insured against loss by Canada Mortgage and Housing Corporation (CMHC), a Federal Government Corporation, or GE Capital, a private insurer. The premiums can be added to the mortgage amount or paid at closing.

This insurance is for the benefit of the lender against default. It is very costly and there is another way we can arrange a mortgage for you with a low down payment. That is with a 1’st mortgage and a 2’nd mortgage. For your unique situation, it may be less costly to consider this option. Banks, on the other hand, cannot offer you this option as they cannot provide secondary financing over 80% of the purchase price or value of the property.
Those who were previously bankrupt or have gone through a consumer proposal may qualify for up to 100% financing on re-established credit history. Poor credit qualifications are considered, and guaranteed at lower mortgage values.

• Better than Bank Rates!
• High Ratio Mortgages are also available for Poor Credit & Self-Employed clients
• If you are seeking flexible borrowing, Secured High Ratio Lines of Credit may be for you
• High Ratio No Income Qualifications and Equity Loans in Major Urban City Center