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Originally Posted by White Doors
Yes you can. I put %5 down and declined mortgage insurance.
You have to have HOME insurance not mortgage insurance.
Mortgage insurance is a bad deal.
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I think you guys are talking about 2 different things. What you are thinking of WD is the insurance that pays off your house if you die. What Shane is talking about is the insurance that the bank makes you take out so that if you default on the mortgage they aren't left short- like what happened in the early 80's.
If I'm wrong, I'd love to know what bank let you decline the CMHC insurance.