What is an Insured Mortgage?

Offered by all A lenders

• Purchases Only

• Minimum down payment 5%

• Client pays a CMHC premium when putting down less than 20% (provable income) and less than 35% (stated income)

• There are 3 insurers CMHC/Sagen/Canada Guarantee.  Lender usually choses the insurer

• Qualifications:  Maximum purchase price $1M, maximum amortization 25 years, max GDS/TDS – 39/44%

• This product usually has the lowest rates.  Most online rate offers that you see are for insured mortgages.