High-Ratio Mortgages

A high-ratio mortgage is a type of mortgage where the loan amount is more than 80% of the property’s purchase price. This means that the down payment is less than 20% of the purchase price, making it necessary to obtain mortgage loan insurance from a government agency such as the Canada Mortgage and Housing Corporation (CMHC). High-ratio mortgages provide an opportunity for homebuyers with limited down payment savings to enter the housing market. This page provides an overview of high-ratio mortgages and highlights their key features and benefits.

Key Features of High-Ratio Mortgages:

Mortgage Loan Insurance: When you opt for a high-ratio mortgage, mortgage loan insurance is required to protect the lender against default. The mortgage loan insurance premiums are paid by the borrower and can be added to the mortgage principal or paid upfront.
Lower Down Payment: High-ratio mortgages allow homebuyers to purchase a property with a down payment of less than 20% of the purchase price. This can be advantageous for first-time homebuyers or individuals who have not yet accumulated a significant down payment. However, it’s important to note that a smaller down payment means a larger mortgage and potentially higher monthly mortgage payments.
Access to Homeownership: High-ratio mortgages provide an opportunity for individuals who may not have a substantial down payment to become homeowners. This can be particularly beneficial in areas where housing prices are high and saving for a large down payment can be challenging.
Competitive Interest Rates: Despite the higher loan-to-value ratio, high-ratio mortgages often come with competitive interest rates. This allows borrowers to access affordable financing and make their monthly mortgage payments more manageable.
Amortization and Repayment Options: High-ratio mortgages offer flexible amortization and repayment options. You can choose a suitable term length and amortization period based on your financial goals and budget. This flexibility allows you to customize your mortgage to align with your specific needs and financial circumstances.
It’s important to work with an experienced mortgage professional who can guide you through the high-ratio mortgage process, help you understand the mortgage loan insurance requirements, and provide expert advice on structuring your mortgage to meet your unique situation.
At Esto Mortgage, we specialize in high-ratio mortgages and assist homebuyers in navigating the complexities of obtaining mortgage loan insurance. Our dedicated team of mortgage professionals is here to support you at every step, ensuring a smooth and successful homeownership journey.
Contact us today to discuss your homebuying goals, explore high-ratio mortgage options, and receive personalized guidance and expertise. We are committed to helping you achieve your dream of homeownership while ensuring that you make informed decisions about your mortgage financing.

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