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 insurer rules: 25-year max amortization, purchase price under $1.5M, and a purchase (not a refinance). 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.