What is an insured mortgage?
A mortgage with default insurance, required below 20% down and available on homes under $1.5 million.
Insured vs insurable vs uninsured
| Shelf | Who | Rate |
|---|---|---|
| Insured | Under 20% down; premium paid by borrower | Lowest |
| Insurable | 20%+ down, meets insurance rules, lender insures in bulk | Low |
| Uninsured | Refinances, $1.5M+, 30-year (non-eligible), rentals | Higher |
Why are insured rates lower?
Insured mortgages are cheap for lenders to fund and carry little credit risk.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Sources
- CMHC: Mortgage loan insurance premiums (checked October 7, 2026)
Challenge your mortgage rate
Connect with verified lenders and brokers bidding on your mortgage. Free for homeowners, three short steps.