What is CMHC? Explained for First Time Home Buyers | Faeine Grant

So many people ask us WHAT IS CMHC and how does it benefit me if I'm a first time home buyer.

If you want to buy a home with a down payment of less than 20%, you’ll need mortgage loan insurance. This protects your lender in case you can’t make your payments.

CMHC mortgage loan insurance lets you get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment.

Learn more about it in this conversation with David Browne

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Faeine Grant - PREC*, "The Modern Realtors Team"
Homelife Advantage Realty (Central Valley) Ltd.
Specializing in Abbotsford, Chilliwack & Surrounding Areas
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I'm passionate about providing the luxury real estate experience for EVERY SINGLE CLIENT! From top-of-the-line marketing & photos, to innovative online exposure, to complete full service and ongoing client care, my clients get the utmost care and attention, regardless of the price bracket. Client happiness is my #1 priority no matter what! My unique style, flair, energy and 14 years experience creates an experience which will not only help you achieve your goals, but also feel empowered. Long term relationships, happy clients and genuine, personal connections with them are what truly keeps me going in this ever-changing and fast-growing industry.

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[lovedeep]

Is CMHC same as lender insurance?
They are saying it is mandatory to take if I am paying less than 20% in down payment.
Can't it be replaced by Term life insurance?