Conventional Mortgages

A conventional mortgage is a type of mortgage that is not insured or guaranteed by a government agency such as the Canada Mortgage and Housing Corporation (CMHC). Instead, it is funded and underwritten by private lenders, such as banks, credit unions, or mortgage companies. Conventional mortgages offer flexibility and a range of options for homebuyers and homeowners in Canada. This page provides an overview of conventional mortgages and highlights their key features and benefits.

Key Features of Conventional Mortgages:

Down Payment Requirements: Conventional mortgages typically require a higher down payment compared to government-insured mortgages. The minimum down payment for a conventional mortgage is typically 20% of the home’s purchase price. However, some lenders may offer conventional mortgages with a lower down payment, but this may require private mortgage insurance (PMI) to protect the lender in case of default.
Flexible Mortgage Terms: Conventional mortgages offer a variety of term lengths, allowing you to choose the option that best fits your financial goals and budget. Common term lengths include 5, 10, 15, 20, or 30 years. You can also select the amortization period, which is the total time it takes to repay the mortgage, ranging from 15 to 30 years.
Competitive Interest Rates: Since conventional mortgages are not insured by a government agency, lenders have more flexibility in setting the interest rates. This means that you may have the opportunity to secure competitive interest rates based on market conditions, your creditworthiness, and the lender’s offerings.
Mortgage Insurance: If your down payment is less than 20% of the home’s purchase price, you may need to obtain private mortgage insurance (PMI) from an approved insurer. PMI protects the lender in case of default and allows borrowers to access conventional mortgages with a lower down payment. It’s important to note that PMI adds an additional cost to your monthly mortgage payments.
Equity Building: With a conventional mortgage, as you make your monthly payments, you build equity in your home. Equity is the difference between the market value of your home and the outstanding balance on your mortgage. Building equity can provide financial stability and potentially open up opportunities for future borrowing or refinancing.
At Esto Mortgage, we specialize in offering conventional mortgages tailored to the needs of Canadian homebuyers and homeowners. Our experienced mortgage professionals are here to assist you in understanding the options available, helping you navigate the mortgage process, and securing the best terms and rates for your specific situation.
Contact us to discuss your mortgage needs, explore conventional mortgage options, and take the first step towards achieving your homeownership goals. Our dedicated team is committed to providing personalized service, reliable advice, and a seamless mortgage experience from start to finish.

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