Mortgage Insurance: Getting the Facts

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Mortgage Insurance: Getting the Facts
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By Morgan James

There are two types of mortgage insurance that you should know about. There is mortgage insurance that protects the lender (the bank), and there is mortgage insurance that protects the borrower (the homebuyer).

In Canada, mortgage insurance that protects the bank is offered by the CMHC, the Canada Mortgage and Housing Corporation. The CMHC allows buyers to purchase a home without having saved up a down-payment worth 25% of the cost of the house. If you are planning on purchasing a house, but do not have the 25% down payment, your lender will arrange everything with the CMHC. You won

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