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ARTICLE · 20 APRIL 2017

Mortgage 101 For First-Time Homebuyers

The Ross Firm
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Entering the housing market for the first time can be a bewildering experience, especially where financing is concerned.

CanadaFinance and Banking
The Ross Firm
The Ross Firm

Entering the housing market for the first time can be a bewildering experience, especially where financing is concerned. Our post this week looks at the bare basics of residential mortgages and how a real estate lawyer can help ensure that a housing newbie's first go at financing is a smooth one.

Mortgage Types - Conventional vs High-Ratio

Mortgages fall into two categories depending on the amount of home that a buyer finances. Those able to finance less than 80 per cent of a property's value can apply for a conventional mortgage.

High-ratio mortgages are for purchasers who finance between 80-95 per cent of the property's value. These mortgages allow more individuals to join the housing market, but with the higher risk involved, the law imposes mandatory mortgage loan insurance on these transactions as a safeguard against mortgage default. Read more about mortgage loan insurance in one our previous post.

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