By Angela Nolan / June 24, 2014 / Buying a Home
If you have less than 20% as a downpayment for your home purchase your mortgage is referred to as a "High-Ratio" mortgage. A High- Ratio mortgage must be insured in Canada. The Canadian Mortgage and Housing Corporation (CMHC) and Genworth Financial both provide this type insurance. The cost for mortgage insurance is based on the percentage amount of your downpayment and the purchase price of your home. Click to calculate the premium of a CMHC insured mortgage. If you are fortunate enough to have 20% or more of a downpayment, you have what is referred to as a "Conventional" Mortgage and you are not required to insure the mortgage.
For more information, on Home Buying, visit CMHC's website.
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