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Conventional Mortgages

At New Concept Mortgage 1998 Inc., we do both conventional and insured (high ratio) mortgages.

A conventional mortgage is a mortgage in which the down payment for the property or the equity in the property is at least 25% of the sale price or the appraisal value, whichever is less.

 

High Ratio (Insured) Mortgages

With a high ratio mortgage, the buyer's down payment is less than 25% of the sale price or the appraisal value, whichever is less. A 5% down payment means that the mortgage is an insured, high ratio mortgage. High ratio mortgages are insured against default.
Loan Amount Insurance Premium
Up to and Including 95% 2.75%
Up to and Including 90% 2.0%
Up to and Including 85% 1.75%
Up to and Including 80% 1.00%
Up to and Including 75% 0.65 % (Not Usually Required)
Up to and Including 65% 0.50 % (Not Usually Required)


In Canada, most mortgages are insured by CMHC or Genworth. However, many lenders on today's market are self-insured.
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