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Old 08-24-2016, 12:43 PM   #7886
GLOW
I told him no, what y'all do?
 
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Correct.

http://www.cmhc-schl.gc.ca/en/co/moloin/faq_006.cfm

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3. When does my lender need mortgage loan insurance?
Typically lenders will require mortgage loan insurance if a borrower has a down payment of less than 20% of the purchase price of the home.

By protecting lenders against borrower default, CMHC Mortgage Loan Insurance creates an opportunity for Canadians to realize their dreams of homeownership.
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Greenstoner
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