What is an Insured Mortgage?

A Mortgage with less than a 20% Down Payment

Typically when you purchase a home you are required to provide a 20% down payment.  For those instances when you can’t come up with the full down payment, Diamond North Credit Union partners with Canada Mortgage and Housing Corporation (CMHC) or Genworth who provide default insurance on your mortgage.

To obtain this insurance on your mortgage loan, your application will first have to be approved through CMHC or Genworth, who charge an insurance premium. The premium is based on a percentage of the home’s purchase price that is financed by a mortgage; the more money down you can provide, the less the insurance will cost. The premium can be financed through your mortgage and included in your monthly payments.

These companies are a great tool to help you get into your dream home sooner!  If you're tired of paying rent but don’t have a large down payment saved up yet, book an appointment with one of our lenders today to see if you qualify!