High Ratio Mortgages in PEI

Don’t estimate Prince Edward Island just because it is the smallest of the Canadian provinces. Not only does it house some of the hardest working people in the country, it also presents one of the most significant opportunities for growth with regards to buying a house. When it comes to buying a home, one must be smart and efficient. Since PEI is so high in demand when it comes to purchasing a housing property, one of the smartest ways to acquire a house is through securing a high ratio mortgage. High ratio mortgages are mortgages that don’t require a 20% downpayment, making it much more practical for individuals who have trouble saving up such a bulk investment. Also, it should be mentioned that in order to qualify, you’ll need to take out mortgage insurance since the lender is taking an increased risk.

Getting a high ratio mortgage is simpler than you might expect. Through Smarter Loans, you’ll be able to apply for high ratio mortgages without exerting too much energy or wasting too much time.

The way this is made possible is by accessing a directory that we’ve prepared and is inclusive of of the best companies that offer high ratio mortgages. This directory is easy to use and the list of mortgage companies it displays, are based out of Prince Edward Island and have a long track record of successfully backing countless other mortgage applicants.

In this directory, once you’ve identified a mortgage company that works for you, simply click “apply now” beside their name in order to apply. After you fill out the application if all goes well, then you’ll be able to get approved for your desired high ratio mortgage sooner than later. Alternatively, you also have the option to click “pre-apply”. If you click this, Smarter Loans will do the heavy lifting for you in the sense that we’ll arrange for you to be paired up with a high ratio mortgage.

Prince Edward Island Fact Sheet

  • The recent official estimates put Prince Edward Island’s population at 143,000.
  • The educational interests of Prince Edward Island population lie mainly in architecture, engineering, and related technologies, health and related fields, visual and performing arts, and communications technologies.
  • On the average, consumer debt in Prince Edward Island is estimated at $22,600.
  • Employment rate: 60%.
  • Based on the latest stats, on the average each inhabitant of Prince Edward Island makes $30 per hour.
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.

Smarter.Loans helps you find the best High Ratio Mortgage lenders in Prince Edward Island for your financing needs.

Browse our catalogue of High Ratio Mortgage companies to get access to the most current High Ratio Mortgage rates in Prince Edward Island.

High Ratio Mortgages are typically utilized for the following purposes

  • purchasing a home
  • obtaining a mortgage with less than 20% downpayment
  • typically lower interest as they are guaranteed by Genworth, CMHC or Canada Guaranty
  • putting down less cash upfront (lower capital outlay)
  • deploying saved cash into better asset classes to earn higher returns

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