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Mortgage Options

Mortgage Options

Conventional:

Regulations under The Bank Act prohibit Bank, Trust and Insurance Companies from lending in excess of 80% of the purchase price or the appraised value of a property without obtaining Mortgage Loan (High Ratio) Insurance.  A loan for up to 80% of the purchase price of a property is a conventional mortgage.

High ratio:

A loan for 80.1% to 95% of the purchase price of a property.

Mortgage loan insurance (high ratio):

All High ratio mortgages must be insured through CMHC (Canada Mortgage and Housing Corporation) or GE (Genworth Financial Canada).  CMHC and GE provide default or high ratio insurance to the lenders protecting them against the risk of lending to homebuyers who have less than 20% down payment available.  An insurance premium is paid by the borrower on behalf of the lender.  The insurance premium that is paid to CMHC or GE is to protect the lender in the event that the mortgage is not paid.  This is not to be confused with life, disability, or job loss insurance.

The insurance premium is calculated as a percentage of the mortgage amount, depending on the loan to value, and may be added to the mortgage amount.  The premiums are as follows for standard mortgages:

Premium rates will vary for non-purchase mortgages.

Mortgage money sources:

There is a wide range of financial institutions that are involved in the mortgage industry in Canada.  Some of these include:

Home Buyers Guide

Absolutely everything you need to know about buying a home in this 24 chapter guide!

To obtain your FREE copy of the full Home Buyers Guide fill out this form below

Before you make what is likely to be the biggest financial decision of your life, call us at 866-544-4001 or email Justin Christie or Keith Walper

To maximize the benefits to you, you may want to consider enlisting the services of a  Mortgage Intelligence agent.  We negotiate with major financial institutions, chartered banks, trust and insurance companies, Canada Mortgage and Housing Corporation, Genworth and others to bring our clients the most competitive mortgage rates and terms.  Mortgage Intelligence will usually earn a commission or fee from the lender* for all the work, advertising and promotion done on their behalf.  Our professional services are provided, in most cases, at no cost to you.  We are constantly updated on rate changes and new products being introduced in the market.  As our client, you can choose from the widest range of options, obtain the most competitive rate and best product suited to your specific needs.  An extensive network of financial institutions has enabled many of our clients to obtain savings of up to 1.40% below posted lender rates.

For more information or a free consultation - Please contact Justin Christie or Keith Walper at 519-238-HOME(4663) or toll free at 1-866-544-4001.

* Subject to certain guidelines

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