PURCHASING A HOME

Let's start with the basics: a mortgage is a loan you take out to purchase a home. It's a way of purchasing a home without paying the full value immediately.

There are different types of mortgages. The two basic types of mortgages are Conventional Mortgages and High Ratio Mortgages. But choosing a mortgage isn't just a financial choice - it's a lifestyle choice. If you can't afford the 20% down payment for a Conventional Mortgage, a High Ratio Mortgage allows for a smaller down payment so you can own a home today!

In Canada, mortgage insurance is required under Bank Act Law for those making less than a 20% down payment on a property. So if you purchase a home with a High Ratio mortgage, you will pay mortgage default insurance.

Mortgage default insurance is a win-win situation for both homebuyers and lenders. Lenders rely on mortgage default insurance to protect themselves from financial losses in case a loan is not repaid. Because lenders have this protection, they are able to offer loans with very small down payments, provided credit requirements are met. You can get access to homeownership earlier at the lowest cost, and with a smaller down payment. It also means you can start building your own equity and stop paying your landlord.

We'll help you achieve your dream of home ownership with a mortgage product tailored to your specific situation. And if your dream isn't listed here - after all, everybody's dreams are different! ...simply contact us!