High Ratio Mortgage

Looking to purchase a home but can’t muster up a 20% down payment? That’s where our High-Ratio Mortgage comes in handy. If your down payment is over 5% but less than 20%, you’ll need to purchase mortgage insurance through the Canadian Mortgage & Housing Corporation (CMHC) or Genworth Financial. We can show you how this amount can be rolled into your mortgage, and help you navigate all the choices available to you, including:


A fixed rate mortgage locks in a rate for the length of your term, whereas a variable rate will move up or down as prime rates change. A fixed rate has the benefit of stable payments, while a variable rate offers the potential to save.


Typically 1-5 years, your term represents the length of time before your mortgage matures. It’s important to note that his different from your amortization period, which is the length of time it will take to fully pay off your mortgage loan.


A closed mortgage costs less, but comes with a set term. Open mortgages let you pay out or pre-pay without penalty, but cost more.


  • Competitive rates and a wide range of options to suit your needs
  • Flexible payment options: weekly, bi-weekly, semi-monthly or monthly
  • Free pre-approvals with a rate guarantee for up to 90 days

Please visit your local branch or call 1-866-413-7071 to talk to a Mortgage Expert.  Click here for hours of operation. 

We strongly recommend that you purchase Life and Disability Insurance coverage when making a home purchase to protect you and your family.

*Mortgages approved and committed to must be advanced within 45 days of date of application in order to qualify for the Special Rate Offer. Offer may be changed, withdrawn, or extended at any time, without notice. Applicable to residential mortgages only and subject to Northern Credit Union lending criteria for residential properties. Conditions may apply. Rates are subject to change at any time without notice.