What is CMHC mortgage insurance?
A. If the amount of your mortgage is more than 75% of either the purchase price or the appraised value of the property (whichever is lower), the mortgage is considered high ratio. To comply with legal requirements, you must purchase mortgage insurance. Mortgage insurance is available from Canada Mortgage and Housing Corporation (CHMC).* An application fee and an insurance premium also apply, which you can add to the mortgage amount. More information is available here.* – Some conditions apply. For further details and the conditions required, please see a mortgage specialist at an Envision Credit Union branch near you.
