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What is CMHC Mortgage Loan Insurance?
Mortgage loan insurance is typically required by lenders when homebuyers make a downpayment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with little or no downpayment — with interest rates comparable to those with a 20% downpayment.
As with any insurance, there are insurance premiums to be paid. The amount of the premium varies and can range between 0.65% and 2.75% depending upon how much of the purchase price/home value is financed with a mortgage loan.
Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.
Return to: CMHC Mortgage Loans
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CMHC Main Menu
Suzanne Desrochers has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Suzanne Desrochers or click on "Ask Your Own Questions."
She can send you information on any Property Listed For Sale on the Multiple Listing Service® in the Ottawa area. If you would like her to help you locate a home, please fill out her Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address.
Suzanne can also help. Just fill out her, I would like an address form, please !
Or perhaps you are considering selling your home in the near future, she can also offer you a Complimentary No Obligation Market Evaluation Form
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