For most home buyers, especially first-time buyers, saving the necessary down payment is the hardest part of buying a home. If you have saved less than 25% of the purchase price to put down, you will be required to purchase mortgage insurance through your lender. Mortgage insurance protects your lender against payment default.
By providing Mortgage Loan Insurance to lenders, CMHC lets you finance up to 95% of the purchase price of your home. This means you can buy a property with as little as 5% down. So if the cost is $125,000, you need a down payment of just $6,250! CMHC Mortgage Loan Insurance has made home ownership possible for millions of Canadians.
Courtesy CMHC Canada
If you are purchasing a home and borrowing more than 75% of the value of the property, your mortgage must be insured. The insurance protects the lender against borrower default. This lets you purchase a home with as little as a 5% down payment. Mortgage Insurance is not life or disability insurance. It is insurance solely for your mortgage.
Courtesy
Genworth
Capital Mortgage Insurance Canada
If you're self-employed or a commissioned sales person who cannot provide traditional income verification, you can now qualify under a
Genworth
Insured high ratio mortgage. See your broker for details.
Buying a new home? ResMor Trust customers can take their ResMor Trust mortgage with them to a new property when they move. This process, called porting, offers many advantages to customers as an alternative to paying out the mortgage, including savings on penalties and costly mortgage insurance fees and preserving your existing interest rate. Upon approval additional financing is available at our current first mortgage rates with a ResMor Trust second mortgage. To port the mortgage both the sale of your home and purchase of a new home must close on the same day. Contact a ResMor Trust Customer Care Specialist for further details. |
