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Glossary term
CMHC Mortgage Default Insurance
Mortgage default insurance required when your down payment is under 20% of the home price (a high-ratio mortgage). It protects the lender, not you; the 2.8-4.0% premium is added to the mortgage. Lets you buy with as little as 5% down. Provided by CMHC, Sagen, Canada Guaranty; unavailable on homes over $1.5M.
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