What you need to know about CMHC-insured mortgages

In Canada, home purchases with a down payment of less than 20 per cent require something called mortgage default insurance. It’s a special type of insurance that protects lenders in the event the borrower stops making payments, resulting in a default on their mortgage loan. The largest mortgage insurer in Canada is the Canada Mortgage and Housing Corporation, commonly referred to as the CMHC. Here, we explore the basics of CMHC-backed mortgages to understand everything from who opts into them to why they’re important. Read More

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