Real estate blog entries tagged with buy a mortgage by Mark Fidgett

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Home : Blogs : Mark Fidgett : Vancouver mortgage broker : Tag "buy a mortgage"

buy a mortgage: What is CMHC Mortgage Insurance? - 08/14/11 04:18 PM

We’ve all heard of insurance, in fact, it’s common place to pay for insurance for some type of protection.
Well CMHC (Canadian Mortgage & Housing Corporation) mortgage default insurance is also a protection, BUT not for you.
It protects the bank (lender), BUT YOU pay.
That’s right, you pay in order to protect the bank in the event that you default and can’t pay your mortgage.
I’ve heard so many definitions of when this CMHC insurance is required.
You must pay CMHC mortgage default insurance if your down payment is less than 20% of the purchase price of your home.
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Mark Fidgett

Vancouver, BC

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Mark Fidgett - www.NotaPennyDown.com

Address: 1530 7 Avenue West, Cancouver, BC, V6J 1S3

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