Conventional Mortgage

Down payment must be 25% or more of the purchase price of the home. Conventional mortgages are available for new and existing homes.

Conventional mortgages are available for up to 75% of either the purchase price or the appraised value of the property - whichever amount is lower.

Conventional mortgages have the lowest borrowing costs because they do not have to be insured against default. Ideal for:

• Residential purchases up to 75% of appraised value

• Long-term borrowing needs

• Purchases with high dollar value that require repayment over a longer term

• Home renovations

A conventional mortgage does not exceed 75% of the purchase price of the home. Mortgages that exceed this limit must be insured against default, and are referred to as high-ratio mortgages.