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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 SagenTM (formerly known as Genworth) 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.
Related questions
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What is the purpose of a down payment? -
How can an RRSP loan or line of credit help me qualify for the Home Buyers’ Plan (HBP)?
Interested in a mortgage loan?
Apply online and a mortgage expert will contact you.
