High Ratio Mortgages in Toronto, Ontario

Rated as one of the best cities to live in in the world for numerous different reasons, but also one of the most expensive. The lifestyle in Toronto includes the constant sound of cars and people, filled with life, culture, activity and opportunity. However, the stress of buying a home in Toronto can be daunting due to the prices where even a 20% downpayment is quite substantial. Thankfully, Smarter Loans knows of a way to buy a house and become a Torontonian without paying a 20% downpayment. For instance, you can take out a high ratio mortgage. High ratio mortgages are becoming increasingly popular, especially for first time homebuyers who don’t have such a large bank of cash saved up.

So how do you get a high ratio mortgage? Well it’s important to know that even without needing to pay a 20% downpayment, you’ll be required to have a mortgage insurance instead.

This helps the lenders deal with their increased risk. Other than that, it’s about finding a high ratio mortgage that fits your situation. To help you do this, Smarter Loans has created a directory of all the best, most reliable, and most personable companies in the greater Toronto area that offer high ratio mortgages. In order to access this list, scroll down to begin comparing terms, rates and offers.

Once you identify a high ratio mortgage that works for you, simply click “Apply Now” to the right of the company’s name and you’ll proceed to the online application. To ensure that the company meet your needs and vice versa, you’ll be required to answer a brief list of questions. There is also an option to “Pre-Apply” where Smarter Loans will explore our directory of companies and assign the best high ratio mortgage for your needs.

Toronto Statistics Bulletin

  • Employment rate: 60%.
  • As per the most recent stats, on the average each Toronto inhabitant earns $54,000 per month.
  • According to the latest available information, Toronto has 587,000 registered home owners .
  • Average Household Income is $82,900.
  • Toronto’s high hiring areas are educational services, manufacturing, accommodation and food services.
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 directory helps you get in touch with appropriate High Ratio Mortgage providers in Toronto for your financing needs.

Browse our pool of High Ratio Mortgage lenders to get access to the lowest High Ratio Mortgage rates in Toronto

High Ratio Mortgages are often utilized for the following purposes (including but not limited to)

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

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