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Mortgage Types - Conventional Mortgages

Kelleway Mortgage Architects

Your 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.