Mortgage Tips: High Ratio Insured vs Conventional Uninsured Mortgages

To qualify for a "High Ratio Insured" (i.e. CMHC) mortgage, the purchase price cannot exceed $999,999 in order to fit the insurers guidelines.

A High Ratio Insured mortgage can be qualified with less than 20% down payment. 

The property is usually appraised through the insurers online program and there is no cost to the client. 

These types of mortgages offer the lowest interest rates in today's mortgage environment. 

 

A purchase price above $1M requires a minimum 20% down payment and is considered a "Conventional Uninsured" mortgages.  

A Conventional Uninsured mortgage usually requires a full appraisal completed through a 3rd party appraisal company. 

These types of mortgages offer slightly higher interest rates in today's mortgage environment.