FAQs: Mortgage Loan Insurance
- I understand I have to get a loan to buy a house. But why is it called a “mortgage”?
- What can I use as my down payment on my new house?
- When does my lender need mortgage loan insurance?
- Is there a maximum purchase price for CMHC Mortgage Loan Insurance?
- Who arranges CMHC Mortgage Loan Insurance?
- Does CMHC Mortgage Loan Insurance only apply to traditional single-family residential properties?
- Who pays for the CMHC Mortgage Loan Insurance?
- A friend told me I should refinance my home to make some renovations. What does that mean?
- My mortgage is currently CMHC-insured and I am moving to another house. Are there any CMHC products available to me?