This mortgage is for an amount which does not exceed 75% of either the appraised value of the property or the purchase price, whichever is lower. Your down payment is a minimum 25% of the purchase price.

With this type of mortgage, you contribute less than 25% of the cost of the home as a down payment and as little as 5%. A high-ratio mortgage requires mortgage loan insurance. CMHC offers Mortgage Loan Insurance for a premium of between 0.5% and 3.75% of the mortgage amount. This premium can be added to your mortgage payments or paid in full on closing.

This usually has a higher interest rate and shorter amortization than a first mortgage. Secondary financing is often used to make renovations to a home. You can achieve mortgage freedom sooner by increasing the frequency of your payments. By making payments every two weeks, instead of monthly, a 25-year mortgage can be reduced to 20 years.

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High-ratio Mortgage

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Second Mortgage

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