CMHC Mortgage Loan Insurance: Who Qualifies and What You Get
Learn how mortgage insurance helps you buy a home in Canada with a down payment of less than 20%.
CMHC Mortgage Loan Insurance is a program that makes it easier to secure financing for residential properties. It is designed to help people purchase homes when they do not have a large upfront payment.
Who it's for
This scheme is for homebuyers who have a down payment of less than 20% of the home's purchase price.
What you get
By using this insurance, you can access financing for residential projects that might otherwise be difficult to fund without a larger initial investment.
What it costs you
You will need to pay an insurance premium. This cost is typically added to your total mortgage amount rather than being paid as a separate upfront fee.
The catch to know
In most markets, this insurance is only available for homes with a purchase price of less than $1 million.
How to apply
- Speak with your mortgage lender or financial institution.
- Provide your financial details and property information to your lender.
- Your lender will work with the insurance provider to process the application.
- Review the terms and the premium amount added to your mortgage.
For more information, visit the official portal: https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance