Uninsured mortgages avoid insurance premiums but may have slightly higher rates. Compare total cost and flexibility.
Direct answer
An uninsured mortgage is not covered by borrower-paid mortgage default insurance and commonly begins with at least 20% down or equity. It avoids the insurance premium and can support scenarios that insured rules exclude, but its rate may be higher. Compare flexibility, amortization, property eligibility, and total term cost.
Without mortgage default insurance covering lender loss, the lender prices more of the property and borrower risk directly. Loan-to-value, amortization, transaction type, occupancy, property use, and lender funding strategy can all affect the rate bucket.
Some mortgages with 20% or more equity may still be lender-insured or insurable behind the scenes. Ask which pricing category applies rather than assuming every conventional mortgage is identical.
An uninsured mortgage may support a longer amortization, higher purchase price, refinance, equity takeout, rental use, or a property excluded from high-ratio insurance. Those features can matter more than a small rate difference.
Compare the uninsured offer with its insured alternative only when both scenarios are genuinely available, then include the premium, cash retained, payment, qualification, and exit plans in the decision.
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Live rate snapshot
Showing the first 8 cards from 31 matching rates for Purchase · 5-year fixed · $900,000 · $75,000 down.
Prospera
Insured
3.99%
5-year term
APR
Call for APR
Prospera advertised public mortgage rate; 5-Year Closed - Insured.
Radius Financial
5 year promo at 3.99
3.99%
5-year term
APR
Call for APR
RFA
Front Line Program
3.99%
5-year term
APR
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Beem Credit Union
Insured
4.04%
5-year term
APR
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Beem public featured insured 5-year fixed closed mortgage rate.
BlueShore Financial
Insured
4.04%
5-year term
APR
Call for APR
Beem public featured insured 5-year fixed closed mortgage rate.
Envision Financial
Insured
4.04%
5-year term
APR
Call for APR
Beem public featured insured 5-year fixed closed mortgage rate.
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Reviewed rate context
This page is maintained by Pragmatic Mortgage Lending for Canadian borrowers comparing rate categories, lender fit, and product trade-offs. Rate tables can change without notice, so final advice still depends on the live lender file and approval conditions.
Reviewed by the Pragmatic Mortgage Lending broker team. Updated July 16, 2026.
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They avoid insurance premiums, but rates can be higher. Compare full cost over the term.
Generally yes, but some lenders require more for certain property types.
