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Any borrower with a down payment ratio of 5% to 19.9% must buy Canadian mortgage default insurance. This insurance product is a protection for borrowers in case the borrower is unable to repay the loan.
The down payment ratio is less than 20%, the mortgage life is up to 25 years, the down payment ratio is more than or equal to 20%, and the mortgage life is up to 30 years.
For Canadian home mortgage default insurance mortgages, the maximum purchase price or refurbished property value must be less than $1,000,000.
Please note that the default insurance premium rate for Canadian home mortgage loans is relatively high for self-employed, unproven income, transferable loans and subprime borrowers. |
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Calculator Disclaimer: The above results are for reference only and cannot be used as a basis for future laws, investments or other transactions. |
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