Quote:
Originally Posted by Winsor_Pilates
Yeah, there are some more unusual cases that need insured mortgages as you've mentioned. Another example is homes under 500 sq ft.
Still, these situations are few and far between, so I would expect more traditional high ratio mortgages to represent way more than 41%.
|
Some lenders actually insure all of their mortgages "behind the scenes". Even if the client has more than 20% equity in their homes some lenders will take out the CMHC insurance and pay for it themselves to cover the loan.
But as other have said 41% seems REALLY low.