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Updated over 3 years ago on . Most recent reply

Michael Icban's profile image
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Michael Icban
  • Rental Property Investor
  • Member since Aug 18, 2021
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Michael Icban
  • Rental Property Investor
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Michael Icban
  • Rental Property Investor
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Canadian Real Estate

Mortgage rule in Canada

Michael Icban
  • Rental Property Investor
Posted

Hi there. I just have a quick question regarding mortgage. Do you have to go through default mortgage everytime you put less than 20% on the downpayment regardless if you're first time home buyer or it's for your 2nd/3rd/4th etc. property? Thanks.

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Roy Cleeves's profile image
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Roy Cleeves
  • Residential Real Estate Broker
  • from Kitchener, Ontario
  • Member since Jul 7, 2014
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Roy Cleeves
  • Residential Real Estate Broker
  • from Kitchener, Ontario
  • Member since Jul 7, 2014
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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
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Roy Cleeves
  • Residential Real Estate Broker
  • Kitchener, Ontario
Replied

Yes you do if it is with the government backed lenders. 

Private lenders don’t have to have the default insurance 

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