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