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My down payment is less than 20% of the value of the house I want to buy. What should I do?

If your down payment is between 5% and 20% of the purchase price, the Bank must take out mortgage loan insurance with a recognized organization such as Sagen TM (formerly known as Genworth), Canada Guaranty TM or the Canada Mortgage and Housing Corporation (CMHC). A mortgage loan insurance premium will then be added to your payments.

Did you know you can use your RRSPs to make a down payment? Learn more about the Home Buyers’ Plan (HBP).

TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company.

TM Canada Guaranty is a trademark of Canada Guaranty Mortgage Insurance Company.

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