Mortgage loan that exceeds 75% of the lesser of the purchase price or appraised value. This mortgage must be insured and borrowers must pay an application fee and insurance premium (which may be added to the mortgage) to the insurer.
A type of mortgage where you have a down payment of less than 25% of the purchase price. This type of mortgage must be insured against default.
A mortgage for more than 75 per cent of a property's appraised Value
Usually a mortgage that exceeds 75% of the value of the property and is usually CMHC insured.
A mortgage loan which exceeds 75% of the lesser of the appraised value or purchase price of the property. This mortgage must be insured and borrowers must pay an application fee and the insurance premium (which may be added to the mortgage) to the insurer.
A mortgage where you have a downpayment of less than 25% of the purchase price. This type of mortgage must be insured against default. See also Conventional Mortgage.
A mortgage that exceeds the "normal" loan-value limit of 75% and is therefore required to be insured. With a "conventional mortgage" (25% down payment of more), mortgage insurance is not required.
Loan that exceeds 75% of the property lending value, and which is insured through a mortgage insurance plan.
If you don't have 25% of the lessor of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.
A mortgage that exceeds 75% of the home's appraised value. You have a high-ratio mortgage if your down payment is less than 25% of the homeâ€(tm)s purchase price. A high-ratio mortgage must be insured by the Canadian Mortgage and Housing Corporation.
A mortgage loan in excess of 75% of the “lending†value of the property. This type of mortgage must be insured, usually through CMHC or UMAC, against payment default.
A mortgage in which the amount of money borrowed is equal to or greater than 75% of the purchase price/appraised value of the property against which it is secured. Will require some sort of insurance, usually provided by a government agency.
A mortgage for more than 75% of the value of the purchase price or value. These have to be "insured" by CMHC and an insurance premium is added to the loan.
A mortgage for more than 75% of either or both a property's appraised value and purchase price. In other words, the down payment amount is less than 25% of the purchase price/appraised value.
A mortgage that exceeds 75% of the appraised value or purchase price of the property whichever is less. This type of mortgage must be insured against payment default to a certain maximum by the Canadian Mortgage and Housing Corporation or by another approved insurer. This amount is added on to the mortgage amount.
A mortgage loan that exceeds the normal limit of 75% LTV (loan to value) of a conventional mortgage. Typically made possible by a mortgage insurance plan, e.g. CMHC or GE Capital.
A mortgage where you have a down payment of less that 25% of the purchase price. This type of mortgage must be insured against default. See also Conventional Mortgages.
If you don't have the 25% required for a down payment, as is the case with a conventional mortgage, your mortgage must be insured against payment default to a certain maximum by CMHC or an approved private insurer. A high-ratio mortgage is a loan in excess of 75% of the lending value of the property.
A mortgage loan that exceeds the normal limit of a conventional first mortgage, in regard to the ratio of the loan amount to the property's lending value; the higher loan amount is made possible by a mortgage insurance plan. e.g. CMHC or GE Capital. Used when there is less than 25% down payment.
A mortgage loan in which the amount borrowed exceeds 75% of the appraised value of the property. In such cases the loan must be insured against default by CMHC at a cost of approximately 2% of the loan.
A mortgage for more than 75% of either a property appraisal or its purchase price. In other words, your down payment is less than 25% of the amount used for the calculation.
A mortgage that exceeds 75% of the home's appraised value. These mortgages must be insured for payment.
A mortgage where the borrower is contributing less than 25% of the value of the property as the down payment. The minimum down payment required is 5% of the property value.