Types of Mortgages
#Mortgage_Broker Gurbir Sandhu The different types of mortgages available in the Canadian Mortgage Market offer a great variety of solutions to a borrower. The right kind of mortgage selection is, where a # Mortgage_Broker can help you with. Based on #mortgage_rates and #repayment options, primarily there are the following 6-kind of #mortgages Conventional Mortgages High Ratio Mortgages Open Mortgages Closed Mortgages Fixed-Rate Mortgages Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM) Conventional Mortgages A mortgage where the down payment is equal to 20% or more of the property’s value/purchase price. A low-ratio mortgage does not normally require mortgage protection insurance. High Ratio Mortgages A #high_ratio_mortgage is one where the borrower is contributing less than 20% of the value/purchase price of the property as the down payment. These types of mortgages must have mortgage default insurance through Canada Mortgage and Housing Corporation (CMHC), Genwor