Conventional mortgage

With 20%+ down there's no insurance premium to pay, which saves thousands up front. The trade-off is rate: because the lender carries the full risk, conventional rates usually sit a touch above insured rates for the same borrower.

Conventional is the only path for purchases over $1.5M, single-unit rentals, and amortizations beyond 25 years — and it's mandatory for refinances, which can never be insured.

Ask your broker whether your file can be priced as 'insurable' instead: with 20%+ down, some lenders quietly insure it themselves to fund more cheaply and pass part of the saving to you, splitting the difference between conventional and insured rates.