Mortgage Default Insurance: What is it and why do I have to pay for It?
Mortgage Default Insurance, or CMHC insurance as most people know it, is the reason why it is possible to buy a home with less than 20% down. A few years ago, a buyer had to have at least 25% down to avoid the default insurance premiums. To be clear, this is NOT the optional life insurance that is offered to you when you get a mortgage.
So, what is it CMHC Insurance?
But are we paying too much, and couldn't we pay monthly instead of adding thousands to our mortgages (and then paying interest on that money)?
About the Author

Andrew Sikomas is the managing partner of Solara Financial Partners. Solara provides convenient mortgage rate shopping at multiple lenders, along with expert opinions and advice, at no cost to you.
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