An uninsured conventional mortgage in Canada requires a down payment of at least 20% of the home's purchase price, eliminating the need for mortgage default insurance. Key points include:
A 20% down payment avoids insurance premiums (e.g., $100,000 on a $500,000 home).
These mortgages aren't backed by insurers like CMHC, Sagen, or Canada Guaranty.
Lenders view them as less risky due to the higher equity.
They may qualify for lower interest rates.
Properties over $1 million, refinances, and mortgages with amortizations over 25 years are automatically uninsured.
In summary, an uninsured conventional mortgage offers benefits like no insurance premiums and potentially lower rates due to the 20%+ down payment.
コメント