Quote:
Originally Posted by Finner
Actually thats not correct. If he doesn't fall under certain restrictions of the CMHC (ie. certain distance from major urban centre, etc.) it doesn't matter how much he puts down, he may still have to pay an insurance premium.
|
Those are more restrictions of the lender not the insurer. A lender may require insurance on a deal that has 20% or more down if they don't feel secure with it such as your cetain distance from a major urban centre example.
The mortgage insurance protects the lender not the borrower.