Module 2 · Lesson 2 of 6 · 8 min read

CMHC Mortgage Insurance

When you need it and what it costs

What Is Mortgage Default Insurance?

If your down payment is less than 20% of the purchase price, Canadian law requires you to buy mortgage default insurance. This protects the lender (not you) if you default. The three providers are CMHC (government), Sagen (formerly Genworth), and Canada Guaranty.

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