Canada Mortgage & Housing Corporation Mortgages

Buying a home is exciting — but it can also be challenging. With so many details to consider, how can you be confident you’re making the right decisions? HMECU and Canada Mortgage & Housing Corporation (CMHC) are here to help you during your home buying process.

What is CMHC Mortgage Loan Insurance?

Mortgage loan insurance is required by HMECU when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect HMECU against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate

To find out more information about mortgage loan insurance, visit the CMHC website.