When you have a high ratio mortgage (under 20% down) you need to insure the mortgage loan with either CMHC or Genworth. There is a premium involved and it is based on the down payment and the loan amount. You will typically see fees ranging from 1% to 3.5% of the principal amount of your mortgage. The insurance can either be paid up front or added to the principal amount of the mortgage. The only way to avoid mortgage insurance is if you put down 20% or more towards your down payment in your Saskatoon home purchase.