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Types of Mortgages

There are three distinct types of mortgages available, the breakdown below will help you understand the differences.

Insured Mortgages
These are mortgages when you are putting less than 20% down. You will be required to pay a mortgage loan insurance premium from either CMHC, Genworth or Canada Guarantee. 

Insurable Mortgages
These are mortgages with 20% or more down and meet all the same criteria as insured mortgages, such as Owner Occupied Residence, under $1M in value and a 25-year amortization.

Uninsurable Mortgages
These are mortgages that don’t meet the above criteria such as rental properties, properties over $1M and 30 Year amortization.

Contact your Pineapple Mortgage Agent or Broker for more information on the home-buying process and what else you need to consider when purchasing a property!