Understanding Mortgage Insurance in Canada
Understanding Mortgage Insurance in Canada (And How to Avoid Paying Too Much)
BC mortgage broker · Vancouver
We compare 50+ lenders for your purchase, renewal or refinance, and explain your options in plain language. No cost to you for most mortgages.
Updated Oct 8 · on approved credit · Compare to bank rates
Pick your situation to see how it works, what it costs and what you'll need.
The Coastal Blue mortgage guide
Plain-language guides to buying, renewing and refinancing in BC, from closing costs to penalties.
Understanding Mortgage Insurance in Canada (And How to Avoid Paying Too Much)
First-Time Buyer Incentives in Canada (What BC Buyers Should Know)
Our services
Today's rates
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 8.
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
50+
lenders compared
$0
cost to you for most mortgages
11
free mortgage calculators
27
BC communities served
Why a broker
| Feature | Coastal Blue | Your bank |
|---|---|---|
| Lenders compared | 50+ | 1 |
| Applying | Online, anytime | Branch hours |
| Advice | Options across lenders | The bank's own products |
| At renewal | We compare offers again | One renewal offer |
With just 3 easy steps
Trusted mortgage services
A mortgage experience without the hassle.
We negotiate with over 50 lenders, so you don't have to.
You won't find any hidden fees or bait-and-switches here—just clear-cut information in a way that makes sense. No in-person appointments are necessary: you can apply, check your status and get approved entirely online.
Your dedicated Coastal Blue agent works behind the scenes to get you access to mortgage products from 50+ lenders, at rates and payments you can afford. Apply now and receive your personal quote, free.
Whether your plan is to live in a fancy condo, a newly developed subdivision, a home that brings history, or a quaint townhome in the suburbs, your home is likely the most expensive purchase of your lifetime.
Calculators
A quick estimate at today's 5-year fixed rate, with mortgage insurance and Canadian semi-annual compounding built in. The full calculators go further: qualifying, closing costs, penalties and more.
Monthly payment, 25 years at 4.69%
$4,187
Includes $22,320 mortgage insurance (3.10%) added to the mortgage.


Your broker
Clear information, no bait-and-switch, and a mortgage you can afford. You deal with Nick from your first question to the day you get your keys.
Mortgage broker · BCFSA licence 504576
Top 5% of Dominion Lending Centres brokers in Canada, 2022Canadian Mortgage Professional Rising Star, 2023
…getting us the best mortgage interest rate in our renewal, especially at this time…
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Testimonials
A happy home buyer from Delta shares their experience getting a mortgage with Coastal Blue Mortgages, a Vancouver-based mortgage broker.
Coastal Blue Mortgages is a Vancouver-based mortgage broker. Whether you’re a first-time home buyer or refinancing, we compare 50+ lenders to find a mortgage that fits you.
ਕੋਸਟਲ ਬਲੂ ਦਾ ਮੌਰਗੇਜ ਬ੍ਰੋਕਰ ਤੁਹਾਡੇ ਲਈ 50 ਤੋਂ ਵੱਧ ਬੈਂਕਾਂ ਅਤੇ ਲੈਂਡਰਾਂ ਦੇ ਰੇਟਾਂ ਦੀ ਤੁਲਨਾ ਕਰਦਾ ਹੈ।
Free renewal reminder
Tell us your renewal date and we'll remind you about four months ahead, when it's time to compare offers.
Life gets busy: schedule a reminder when it's time to renew. Whether you're travelling the world, finding a new calling or running to grab a quick bite, let us give you a helping hand by sending a friendly reminder when your renewal period is coming up.
Local prices, property transfer tax and programs for your city.
For most mortgages, nothing. The lender pays us when your mortgage funds, so you get advice and access to 50+ lenders at no cost to you. A few situations, such as private lending and some alternative lenders, can involve a fee. If yours does, we'll tell you the amount upfront, in writing, before you commit to anything.
Your bank can only offer its own mortgages. We compare banks, credit unions and lenders that only do mortgages, so you can see rates, prepayment options and penalties side by side. You fill out one application and we do the shopping. At renewal, we compare offers again instead of leaving you with one.
5% of the first $500,000 of the price, plus 10% of the portion from $500,000 up to $1.5 million. For example, a $700,000 home needs at least $45,000 down ($25,000 plus $20,000). At $1.5 million or more, you need 20% down. With less than 20% down, you'll also pay for mortgage insurance, which is added to your mortgage.
It depends on your income, your debts, your down payment and the stress test. For an insured mortgage, your housing costs (mortgage payment, property tax, heat and half of any strata fee) can be up to 39% of your gross income, and all your debts together up to 44%. You qualify at the higher of 5.25% or your rate plus 2%. Our calculators give you a quick estimate, and a pre-approval gives you a firm number.
Usually one to three business days once we have your documents. Most pre-approvals come with a rate hold of 90 to 120 days, so your rate is protected while you shop. To speed things up, have your ID, recent pay stubs or tax returns, and statements for your down payment ready.
About four months before your maturity date. Most lenders let you hold a rate for about 120 days, and if rates drop before you renew, you can usually still take the lower one. Since November 2024, a straight switch to a new lender at renewal doesn't have to pass the stress test again, so moving is easier. Sign up for a free reminder and we'll tell you when it's time.
Yes. We'll check which programs you qualify for and how to use them together: BC's first-time buyers' property transfer tax exemption (up to $8,000, on homes up to $835,000), the First Home Savings Account ($8,000 a year, up to $40,000), the RRSP Home Buyers' Plan (up to $60,000 each) and, for a newly built home, the GST rebate. First-time buyers can also get a 30-year amortization on an insured mortgage.
Yes. Most lenders want two years of tax returns and Notices of Assessment, and some add back certain business expenses, such as depreciation, to your income. If your taxable income is low because you write off a lot, some lenders look at your bank statements or stated income instead, usually at a higher rate or with a fee. We'll lay out the options side by side.
Often, yes. Permanent residents can often buy with as little as 5% down through insured newcomer programs, even with a short Canadian credit history. If you're on a work permit, ask us first: federal rules limit which non-permanent residents can buy, and some lenders ask for a larger down payment. We'll tell you which lenders fit your situation.
No. We help buyers and homeowners across British Columbia, from Vancouver, Surrey and the Fraser Valley to Kelowna, Kamloops and Vancouver Island. Most of the process happens online and by phone, and you can book a call or video meeting at a time that suits you. Our office is at 525 W 8th Ave in Vancouver.
Contact us
No cost, no obligation. Call 778-838-8005, email info@coastalblue.ca, or send a message and Nick will get back to you.
Get my rateContact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.