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Originally Posted by Infiniti
Can someone explain to me how the rules differ with respect to down payments between CMHC standard and British Columbia? Looking to confirm whether what I heard is completely bogus or is actually true.
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Are you referring to mortgage default insurance? Basically you need to pay this if you are going for a high ratio mortgage with a downpayment of less than 20%.
Most refer it as CMHC insurance because it's the most common, but there are private insurers that also provide this insurance. You'll need it either way in most cases to have the mortgage approved by the broker or bank.