Dave Butler
Great Brokers Company
License M2305768 (Level 2)
Office:123 Main Street, City, Province, Postal Code
Areas Served: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan, Northwest Territories, Nunavut, Yukon
BIO: Fiducias incredibiliter verecunde corrumperet Caesar.Pretosius appara.
Website: greatbroker.com
Purchase Mortgages
Securing the right mortgage is one of the most important steps in purchasing your dream home. At Better Mortgages, we are here to guide you every step of the way. Whether you’re a first-time buyer or a seasoned homeowner, our experienced Mortgage Agents and Brokers offer personalized solutions designed to meet your unique needs and financial goals.
Led by a team of industry leaders with a combined career involvement in over $9.6 billion in mortgage transactions, Better Mortgages is committed to providing trusted advice and expert service to help you achieve your homeownership goals.
Understanding Your Mortgage Options
When purchasing a home, mortgages in Canada generally fall into two main categories:
INSURED MORTGAGE
5%–19.99% Down Payment
Max Property Value: $1,500,000
30-Year Amortization for First-Time
Buyers or New Construction
Default Insurance Premium Added to Mortgage
CONVENTIONAL MORTGAGE
20%+ Down Payment (or Equity)
No Maximum Property Value
30-Year Amortization for Any Applicant
No Default Insurance Premium
Insured Mortgages
Making Homeownership Accessible
If your down payment is less than 20% of the purchase price, your mortgage will be classified as insured. This means your lender will require Mortgage Default Insurance (MDI) provided by CMHC, Sagen, or Canada Guaranty. While this insurance adds a premium to your mortgage, it opens the door to homeownership for many Canadians.
Purchase your home with as little as Thanks to reduced risk for lenders, Choose repayment options that Mortgage insurance reduces lenderKey Benefits of Insured Mortgages
Lower Down
Payment Requirements
5% down, making it a great option
for first-time buyers and those
entering the market.
Most Competitive
Interest Rates
insured mortgages often come with
the lowest available interest rates
Flexible
Terms
align with your budget and goals.
Easier
Qualification
risk, increasing your chances of
approval.
Mortgage Insurance Premiums
The cost of mortgage insurance is calculated as a percentage of your mortgage amount,
based on your down payment:
| 15%-19.99% / Down Payment | 2.80% / Premium |
| 10%-14.99% / Down Payment | 3.10% / Premium |
| 5%-9.99% / Down Payment | 4.00% / Premium |
*These premiums apply to insured mortgages with a 25-year amortization.
For insured mortgages with a 30-year amortization, premiums are slightly higher.
Conventional Mortgages
Greater Flexibility and Savings
If you have a down payment of 20% or more, a conventional mortgage may be the right choice for you. These mortgages do not require default insurance, giving you greater flexibility and potentially lower costs over the life of your loan.
Save money by avoiding default Unlike insured mortgages, conventional Lenders can take a more personalized Amortizations of up to 30 years are available, which can lower your monthly payments By putting down a larger initial payment, you start with more equity, giving you financial stability and future flexibility.Key Benefits of Conventional Mortgages
No Insurance Costs
insurance premiums.
Higher Price Flexibility
loans have no maximum property value
limit.
Flexible Underwriting
approach when assessing your application,
often approving higher debt service ratios.
Extended Amortization Options
Equity Building
Let Us Guide You Home
Choosing the right mortgage is about more than just numbers—it’s about trust, expertise, and personalized service.
Contact Better Mortgages today to learn how we can help you take the first step toward your dream home.