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In Canada, you are required to have mortgage default insurance if your down payment is less than 20%, but what is it and how much does it cost? A CMHC Mortgage Insurance Calculator shows you the true cost of CMHC Mortgage Insurance so you can provide a down payment that makes the most sense for your financial situation.
With a CMHC Mortgage Insurance Calculator, you can test different scenarios to see how changes in the property price and the size of your down payment affect the cost of your CMHC mortgage insurance premium and the total amount of your mortgage. Once you see the true costs of your CMHC mortgage insurance premium, you can make an informed decision about purchasing a house.
No. While both have the word “insurance” in their name, mortgage default insurance and mortgage life insurance are two very different things. While mortgage life insurance is not a legal requirement in Canada, mortgage default insurance is legally required for certain borrowers.
The Canadian Mortgage and Housing Corporation (CMHC) is a government-owned agency, called a crown corporation, that oversees the housing industry in Canada. After World War Two, The Wartime Housing Corporation was established to help returning veterans secure affordable housing. In 1946, The Canadian Mortgage and Housing Corporation was established to replace the Wartime Housing Corporation. Originally named Central Mortgage and Housing, their focus expanded from war veterans to all Canadians. Its primary purpose was to make safe and secure housing more accessible to low-income families, the elderly, and those with disabilities.
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