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What Is A Conventional Mortgage?

What Is A Conventional Mortgage?

A mortgage that does not exceed 80% of the purchase price of the home is considered a conventional mortgage.

Mortgages that exceed this limit are considered high-ratio mortgages. High-ratio mortgages must purchase mortgage insurance.  The three mortgage insurers in Canada are the Canadian Mortgage and Housing Corporation (CMHC), Genworth Canada and Canada Guaranty

For insurance premium rates, please see here.