A mortgage backed by mortgage default insurance from CMHC, Sagen, or Canada Guaranty, required when the down payment is less than 20% on owner-occupied properties. The insurance premium — which currently ranges from roughly 0.60% to 4.50% of the mortgage amount depending on loan-to-value band, and is higher for non-traditional down payments or extended amortization — is typically added to the loan balance. Insured mortgages often qualify for lower interest rates because the lender's risk is covered by the insurer. Confirm the current premium schedule with CMHC/Sagen/Canada Guaranty; rates and tiers are subject to change.
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