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.