Quote:
Originally Posted by ken0042
I thought the threashold for mortgage insurance was 25%.
Anyways, you are confusing two different products:
CMHC Insurance- required by the bank. Protects the bank in case you default.
Mortgage Life insurance- pays off the house if you die.
It's the life insurance that we're telling you to avoid. Get life insurance elsewhere.
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Yeah, the government reduced it to 20% just over a year ago -- hopefully we'll be above that threshold, but it all depends.
And thanks for the clarification -- will definitely skip the life insurance.
