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What’s the difference between a conventional loan and an insured loan?
A conventional loan is a mortgage for which you’ve made a minimum down payment of 20%.
You should opt for an insured loan if your down deposit is less
than 20%. This means that the loan must be insured by one of the
recognized mortgage loan insurers, SagenTM (formerly known
as Genworth), the Canada Mortgage and Housing Corporation (CMHC)or
Canada GuarantyTM.
Good to know:
You can use your RRSP to finance your
down payment.
Want to learn more?
-
Discover
the Home Buyers’ Plan (HBP).
-
Learn
more about the Tax-Free First Home Savings Account
(FHSA).
TM Sagen is a trademark of Genworth Financial Canada Mortgage Insurance Company.
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