Insurable mortgage

Insurable is the hidden middle tier between insured and uninsured. You put 20%+ down, so you pay no premium, but the lender back-end insures the loan to fund it more cheaply — and shares some of that saving with you as a lower rate than a true uninsured mortgage.

To qualify as insurable the file must still meet the rules for low-ratio (portfolio) insurance: generally a 25-year maximum amortization, a property value under $1 million, and a purchase or a straight switch (not a refinance that adds money). Hit those and you can get near-insured pricing with a conventional down payment.

You won't see 'insurable' advertised — it's a behind-the-scenes lender decision. Ask your broker whether your file is being priced insurable or uninsured, because it can mean a meaningfully better rate.