A lower down payment or “high ratio mortgage” is a loan greater than 80% (to a maximum of 95%) of the appraised home value . This type of mortgage loan must be insured through Sagen Financial.
|
Type
|
Term
|
Rate
|
|---|---|---|
|
First Mortgage
|
1 year closed
|
6.99%
|
|
2 year closed
|
6.74%
|
|
|
3 year closed
|
5.99%
|
|
|
5 year closed
|
5.15%
|
|
|
1 year open
|
9.00%
|
|
|
Second Mortgage
|
1 year closed
|
7.99%
|
|
2 year closed
|
7.74%
|
|
|
3 year closed
|
7.25%
|
|
|
5 year closed
|
6.25%
|
|
|
I year open
|
10.00%
|