Mortgage Insurance CMHC

Mortgage Insurance CMHC

In order to buy a home (or to get a mortgage to buy a home) you need to have a down payment, which has to be at least 5% of the home’s purchase price. Lenders typically group mortgage shoppers with deposits between 5 – 20% of the home purchase price, into the ‘slightly higher risk’ category. In order for the lender to protect against this increased risk, mortgage default insurance is required. Continue reading »