• This is when you are putting down less than 20%.
• Your property must be less than $1M in purchase price.
• This can't be a rental property.
• You must qualify for only a 25-year amortization.

With the criteria mentioned above you would need to get mortgage insurance.

Because you are paying for the insurance for the lender, you would have a low interest rate.

• You are putting down more than 20%.
• The property has a purchase price of under $1M.
• This can't be a rental property.

How does it differ from and insured mortgage? Because you are putting down more than 20%, the lender would pay for the insurance.

The interest rate would be higher than an insured mortgage but lower than an uninsured mortgage.

• You have a 30-year amortization.
• It can be a rental property.
• Purchase price is over $1M.

When going uninsured, the lender pays for their own private insurance which results in the highest rate of the three.