The Hybrid Mortgage, explained
With our Hybrid Mortgage, you can borrow up to 80% of a home’s purchase price. The loan portion makes up a maximum of 60%, and the conventional mortgage portion makes up a minimum of 20%. To apply for this type of mortgage, you will need a down payment of at least 20%.
Let’s say the home you want to purchase costs $850,000, and you have a 20% down payment of $170,000. This means you need to borrow $680,000. The two parts of the hybrid mortgage are broken down like this: