Brandon Nishi | Mortgage Broker
Insured, Insurable, and Uninsurable
Insured
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Requires the borrower to pay the insurance premium
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Mandatory if the downpayment is between 5% - 19.99%
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For properties under $1 M
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25 Year Amortization
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Not available for non-owner occupied properties or refinances
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Must comply with insurers guidelines
(CMHC, Genworth, Canada Guaranty) -
Generally better interest rates because borrower has to pay the premium
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Can be added on top of the original mortgage amount
Insurable
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The Lender pays the insurance premium
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For properties under $1 M
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25 Year Amortization
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Must comply with insurers guidelines (CMHC, Genworth, Canada Guaranty)
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Generally better interest rates because borrower has to pay the premium
Uninsurable
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It has amortization period of 30 years
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Has a purchase price over $1 M
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Has slightly higher interest rates
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Generally lower monthly payments because of 30 year amortization and no premium built into the mortgage