CMHC Default Insurance (CMHC Mortgage Loan Insurance)
CMHC default insurance is required for every mortgage with a down payment between 5% and 19.99%. It is an insurance product that protects lenders in case the home owner defaults on their mortgage.
For CMHC-insured mortgage loans, the maximum purchase price or as-improved property value must be below $1,000,000.
Please note that CMHC default insurance rates for self-employed, non-verified income, portability and refinance will be higher.