Mortgage Services
CMHC-Insured Loans
Buying with a smaller down payment while understanding exactly what the insurance costs.
Who it's for
Down payment under 20%
Mortgage insurance becomes mandatory and is added to the amount borrowed.
First-time buyers
You're combining the HBP, the FHSA and first-time buyer programs.
Owner-occupied plex
Two to four units may qualify for insured financing.
Five units and more
Insured multi-residential programs allow longer amortizations.
How we help
Mortgage insurance protects the lender, not the borrower, but it is what makes buying with a smaller down payment possible. Three insurers operate in Canada — CMHC, Sagen and Canada Guaranty — and their criteria differ on points that can decide your file.
We calculate the exact premium from your loan-to-value ratio, since it is added to the amount borrowed, and we verify the property's eligibility: type, condition, use and location. Some properties simply cannot be insured.
We also check the rules that are easy to miss: the price cap for an insured loan, maximum amortization, acceptable sources of down payment, and how rental income is treated on a plex.
What you'll need
- Complete, up-to-date proof of income
- 90-day history of your down payment funds
- Confirmation of HBP or FHSA withdrawals, if applicable
- Offer to purchase and property listing
- Bank statements for the last three months
- Current leases if the building has more than one unit