The Yukon has the smallest population in terms of provinces in Canada, but don’t let that fool you in terms of how rewarding it can be to call it home. There are countless individuals out there that seek the specific lifestyle that the Yukon has to offer, and buying a home in the Yukon is now easier than ever. Buying a home is traditionally a massive decision and depending on how much you have saved up, it may or may not be possible to afford a 20% downpayment on a mortgage. If that is the case, the good news for you is that a high ratio mortgage is a great way to accomplish your goal. High ratio mortgages give you more wiggle room since they do not require a downpayment of 20%.
Before you receive your high ratio mortgage, you should be aware that although you don’t need to pay a 20% downpayment, a mortgage insurance is required since the lender is taking on a greater risk.
You might be wondering just how should you go about applying for a high ratio mortgage? The answer is that through Smarter Loans, you’ll be able to secure a high ratio mortgage without ever leaving your home. In order to make this process as efficient as possible, Smarter Loans has compiled a directory of Yukon companies that offer high ratio mortgages.
Using the directory is very straightforward. First you’ll need to specify just exactly what you are looking for in terms of a high ratio mortgage, then once you’ve found a suitable offer, all you have to do is click “Apply Now” beside the company you wish to apply to. Alternatively, you can also “Pre-Apply” if you’re not sure what company you would like to apply to. In that case, Smarter Loans will choose the most suitable high ratio mortgage for you.