What is a conventional mortgage?
The big benefit of a conventional mortgage loan is that you have immediate equity in your new home. Let's explore the ins and outs of uninsured residential mortgages.
This article has been updated from a previous version.
Not every mortgage is the same. There are fixed rate mortgages and variable rate mortgages, of course, which refer to the interest you’ll have to pay throughout your loan term.
But then there are also conventional and high-ratio mortgages — these terms decide whether a buyer needs to pay insurance on their mortgage.
About the author
Renee Sylvestre-Williams is a finance and business reporter. In her more than 10 years of journalism, her work has been published in the Globe and Mail, Flare, Canadian Living, Canadian Business, the Toronto Star and Forbes. She also publishes a biweekly newsletter, The Budgette, where she provides financial education for single earners.