High Ratio Mortgages in Newfoundland

Newfoundland is a great province that has a rich history of families that go back countless generations. Speaking of generations, as each one transitions into the next, the commonality that has remained is the importance of a homes. Not just the concept of home, but also the physical living spaces where precious memories are tied to. Mortgages have helped families afford homes for generations, but today houses can be so expensive in Newfoundland that it can be difficult for people to even afford a 20% downpayment. Fortunately, high ratio mortgages are available and don’t require the standard 20% downpayment.

If you are interested in applying for a high ratio mortgage, then through Smarter Loans you’ll be able to do so with the best tools available for mortgage applications.

A tool is good when it improves the efficiency of its user and that’s exactly Smarter Loans is able to do for you. We’ve created a directory that’s filled with the best Newfoundland companies that offer high ratio mortgages. By using Smarter Loans as your tool, you can apply for a high ratio mortgage without ever leaving your living room.

Scroll down below and explore the various high ratio mortgages that are offered. Discern which one is most feasible for you and then click “apply now” to begin your application. It should be noted that when applying for a high ratio mortgage you’ll need to also take out a mortgage insurance since the lender is dealing with a greater risk. If you don’t want to click through the individual company apply options, you can also choose to “pre-apply” and in that case, Smarter Loans will aggregate the companies whom you can apply to and pick the best one for you.

Newfoundland Statistics

  • An average resident of Newfoundland owes $23,900 in consumer debt.
  • The employment rate in Newfoundland is 50%.
  • Newfoundland’s average household income is $67,300.
  • The areas of study interests of Newfoundland population lie first of all in social and behavioural sciences and law, personal, protective and transportation services, health and related fields.
  • Based on the latest available information, an average monthly salary in Newfoundland is at $46,200
This data was researched in 2019 and uses various information resources, including Canada’s National Statistics Agency, etc., where the information can be as of an older date. The facts above may change as new information becomes available. We do our best to keep the information up to date.

Our platform provides you with access to leading High Ratio Mortgage lenders in Newfoundland for your financing needs.

Review our register of High Ratio Mortgage lenders to find the lowest High Ratio Mortgage rates in Newfoundland.

Among High Ratio Mortgages most typical use cases are:

  • purchasing a home
  • obtaining a mortgage with less than 20% downpayment
  • typically lower interest as they are guaranteed by Genworth, CMHC or Canada Guaranty
  • earning a higher return on initial equity
  • earning a potential differential between lower interest payments and insurance premiums

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