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Insured Mortgage

• Required when the down payment is less than 20%
   
• Must be for owner-occupied properties under $1.5 million
   
• Backed by mortgage default insurance (CMHC, Sagen, or Canada Guaranty)

Insurable Mortgage

• Not insured by the lender, but meets insurance guidelines
   
• Typically has 20%+ down payment and qualifies under set rules
   
• Can receive better rates due to reduced lender risk

Uninsurable Mortgage

• Does not meet insurer guidelines
   
• Includes properties over $1.5 million, refinances, rentals, or extended amortizations
   
• Often comes with higher interest rates

Conventional Mortgage

• 20% or more down payment
   
• Not subject to mortgage insurance requirements

High-Ratio Mortgage

• Less than 20% down payment
   
• Must be insured (same as “insured mortgage” above)

Open Mortgage

• Flexible prepayment options
   
• Typically higher interest rates
   
• Ideal if planning to pay off early or refinance soon

Closed Mortgage

• Lower rates but limited prepayment ability
   
• Early payout may involve penalties
   
• Common for fixed-term planning

Fixed-Rate Mortgage

• Interest rate stays the same for the term
   
• Predictable payments

Variable-Rate

• Rate fluctuates with the prime rate
   
• Potential savings if rates drop