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What is a High-Ratio Mortgage In Canada?

January 22, 2013

A high-ratio mortgage applies to people that have less than 20% of a down payment to put towards the purchase of a home. In these cases, you must qualify for mortgage insurance through one of three insurers – Genworth, CMHC or Canada Guaranty

You can qualify for up to 95% of your home’s value based on the following criteria:

The cost of the insurance premium (a fee) is incorporated into your mortgage payments and varies based on your down payment:

How does this benefit consumers?

High-Ratio mortgages allow first-time home buyers the opportunity to own a home assuming they have good credit and steady income; but do not have a big down payment unavailable.

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