Types of Mortgages

Types of Mortgages

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!