There are many different types of mortgages you can get. Examples include: 

• Conventional – a good option for those with a 20% down payment
• High ratio – a good option for those who have less than a 20% down payment
• Purchase Plus Improvements – a good option for those who are buying a fixer-upper or plan to do immediate renovations to their home
• Collateral – a good option for those who want to include a loan or line of credit secured by their property

• Construction – a good option for those who want to build their dream home from the ground up
  

• And more! 

Not sure which type of mortgage you need? No problem! Our experts can help you assess the options based on your home-buying plans. 

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You can buy a home with as little as 5% down payment. But, if you have less than 20% set aside, your mortgage will be considered “high ratio”. This means that it will automatically include mandatory insurance. 

The exact insurance amount will depend on:

• Home price
• Mortgage amortization period
• How much down payment you have saved 

Our experts can help you understand whether a high ratio mortgage is right for you and what your insurance premiums might look like. 

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Open and closed mortgages are opposites. Here’s how they differ:

Choosing your mortgage type is an important decision that can save you money. Our experts can help you look at your personal financial picture to assess which option is best for you. 

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Under the federal Home Buyer’s Plan (HBP), you can withdraw up to $35,000 from your RRSP to buy or build a first home. This amount will not be taxed as long as you pay it back in full within 15 years of the withdrawal.