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Conventional Mortgage

A conventional mortgage does not exceed 80% of the market value of the property. This means that the borrower must have 20% or more available for the down payment.

Unlike most high-ratio mortgages, conventional mortgages are not required by law to carry mortgage default insurance.

(Source: CAAMP)

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Last modified: April 29, 2009

Robert McLister is one of Canada’s best-known mortgage experts. A mortgage columnist for The Globe and Mail, interest rate analyst and editor of MortgageLogic.news, Rob has been covering Canada's mortgage market since 2007.

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