Solmaz Esmaeili

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.