When you put a down payment of less than 20 percent on your mortgage, your mortgage is considered ‘high ratio.’

All high ratio mortgages require mortgage default insurance. You may have heard of this type of insurance referred to as CMHC or Genworth fees. It is important to note that there is a difference between this type of insurance and insurance that protects you, the borrower, in the event of a loss.

Mortgage default insurance protects the Lender in the case that you default on your mortgage. In Canada, CMHC, Genworth and Canada Guaranty are the three main providers of this type of insurance. The premiums are typically added on to the cost of your mortgage and are included in your mortgage payments. The maximum amortization for loans that require mortgage default insurance is 25 years.

How Much Will I Pay?

The amount of your premium depends on the amount of your mortgage and what percent your down payment will be. To calculate your premium, you can use our mortgage calculator – just enter the total amount of your mortgage and we will show you what your payments will look like including these fees.

For more information on the mortgage insurance options available to you, contact us today.

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Mortgage Insurance/CMHC

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