Embodiments of present invention provide a method of forming a MRAM structure. The method includes patterning a bottom electrode layer and a first ferromagnetic layer on top of the bottom electrode layer; depositing a dielectric layer, the dielectric layer covering the bottom electrode layer and the first ferromagnetic layer; creating an opening in the dielectric layer, the opening exposing a portion of the first ferromagnetic layer; forming a tunnel barrier layer inside the opening; forming a second ferromagnetic layer on top of the tunnel barrier layer; patterning the tunnel barrier layer and the second ferromagnetic layer; and forming a top electrode layer on top of the second ferromagnetic layer. Structures formed thereby are also provided.