What is CMHC Mortgage Insurance
Tom Drake, August 17 2015
Canadians, that much of a down payment is prohibitive. So, what can you do if you can’t make such a big down payment? If you are willing to pay extra for your mortgage, you can get special insurance to help lenders feel better about approving you for a loan with less than 20% down.
The Canada Mortgage Housing Corporation provides mortgage loan insurance to lenders for home buyers with a down payment of less than 20%, to as low as 5%. It offers a way for borrowers to get away with putting down a lower down payment than a lender might like. It’s one way to boost home purchases in Canada.
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