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What DOES happen when say, you are upside down and you are up for renewal?
I know that to get a mortgage without paying the CMHC insurance, I have to have 20% down. But what if when at renewal it's worth is less than the mortgage + 20%? Would I have to renew and pay the insurance, or any other difficulties? Obviously I have never bought a property before so I would have no idea, but even if it's useless to me now, it's not a useless piece of information.
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