Down Payments

Ready Advice

A mortgage that does not exceed 80% of the purchase price or value of the home, whichever is lower. Mortgages that exceed this limit must be insured against default by CMHC, Genworth or Canada Guaranty, and are referred to as high-ratio mortgages.

Ready Advice

If a buyer's deposit is less than 20% of the purchase price (or value of the property, whichever is lower) the mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC, Genworth or Canada Guaranty.

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Ready Advice

Mortgage Default Insurance is required when you have less than a 20% Down Payment of the purchase price of a home. The borrower pays an insurance premium (and applicable sales tax) to the Mortgage Default Insurer. This insurance protects the bank against default by the borrower.
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