When your down payment is less than 20% of the purchase price, your mortgage has to be insured by one of the three insurers in Canada: CMHC, Genworth and Canada Guaranty. These premiums are added into your mortgage so you don’t have to pay for them upfront—here's an example of the standard premiums on a home purchase:
5% down payment: 3.60% premium
10% down payment: 2.40% premium
15% down payment : 1.80%
20% down payment: No insurance premium on most properties
*Insurer premium is based on the mortgage amount and mortgage product
MogoMortgage is offered by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario: FSCO License No. 12836)
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