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Old 04-13-2015, 01:13 PM   #7
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mrkajz44's Avatar
Join Date: Oct 2010
Location: Deep South

Not that this really changes anything, but can someone explain these fees to me?

I bought a house recently and went through all of the paperwork regarding these fees. As I understand it, I pay these premiums because I cannot get 20% down. That is fine. However, my lawyer said if I default, I would still be legally liable for the mortgage amount, should the bank wish to pursue that avenue.

I get that if I default, I likely have very little in the way of other assets, but it seems like I am paying a premium (CMHC fees), but subsequently getting no protection. Is this correct?
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