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) 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).

Most asked questions

Interested in a mortgage loan?

Apply online and a mortgage expert will contact you.

Make an appointment

1-888-835-6281

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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?

Related questions

Most asked questions

Interested in a mortgage loan?

1-888-835-6281

Find a branch