Quote:
Originally Posted by albertGQ
They'd insure the entire 81%
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I always thought that they only insured the first 20% and after that the banks trust that they have enough equity that they won't lose.
It struck me as wrong that on a $500k purchase you can put down 100k and they require no CMHC backing, yet if you are a little short (agreed to too many upgrades that raised the final price) and can only come up with 95k then they will charge you 5k to insure the loan.