Brandon Nishi | Mortgage Broker

Insured, Insurable, and Uninsurable

Insured

• Requires the borrower to pay the insurance premium

• Mandatory if the downpayment is between 5% - 19.99%

• For properties under $1 M

• 25 Year Amortization

• Not available for non-owner occupied properties or refinances 

• Must comply with insurers guidelines
  (CMHC, Genworth, Canada Guaranty)

• Generally better interest rates because borrower has to pay the premium

• Can be added on top of the original mortgage amount 

Insurable 

• The Lender pays the insurance premium 

• For properties under $1 M

• 25 Year Amortization

• Must comply with insurers guidelines (CMHC, Genworth, Canada Guaranty)

• Generally better interest rates because borrower has to pay the premium

Uninsurable 

• It has amortization period of 30 years

• Has a purchase price over $1 M

• Has slightly higher interest rates

• Generally lower monthly payments because of 30 year amortization and no premium built into the mortgage