Purchasing A Home

We can finance the purchase of a principal residence, second home, vacation home or family home with just 5% down payment under a high-ratio mortgage. If you’re interested in buying an investment property, we can finance this with 20% down payment which is considered a conventional mortgage.

Confused & overwhelmed by all the different mortgage options?

Here’s a quick breakdown!

Conventional Mortgage
A mortgage that is no more than 80% of the purchase price (or appraised value) of the property. This is a minimum of 20% down payment and you would avoid having to pay a mortgage insurance premium. You have the option to obtain a 30 year amortization with this mortgage type.

High-Ratio Mortgage
A mortgage in which a borrower places a down payment of less than 20% of the purchase price of a property. Loan must be insured. Insurance premiums are charged based on your down payment amount (5%, 10%, 15%). The insurance premium is added to the mortgage and the maximum amortization is 25 years. If you hold an existing high ratio mortgage, you are not eligible for a refinance.

Home Equity Line of Credit

A revolving line of credit secured by your home at a much lower interest rate than a traditional line of credit. A HELOC cannot exceed 65% of your home’s value, however, coupled with a mortgage, the maximum lending value would be 80% of the property. Interest rates are predominately variable and your payments are interest-only, which can keep your overall costs down. Not available for high-ratio.


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