High Ratio vs. Conventional Mortgages

For borrowers in Alberta facing foreclosure, it is important to know what type of mortgage they have. High ratio, insured mortgages require the borrower to pay a premium and the lender is protected against potential losses. Conventional mortgages, with a down payment of at least 20% of the value of the home, do not require insurance. This affects the foreclosure process, including the redemption period and whether a deficiency judgment can be granted against the borrower.

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