Purchase mortgage loan insurance from the canada

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Reference no: EM133633553

Question: Leanne and Fritz just had their offer of $405,000 accepted on a new home! They are over the moon as they have been looking to purchase their first home for some time when finally, this beautiful home went on the Montréal market for $420,000. The offer was over their budget and now they can only afford a down payment of 5%. They understand they will need to purchase mortgage loan insurance from the Canada Mortgage and Housing Corporation (CMHC) at 4% of the mortgage. (Note: ignore provincial sales tax on the CMHC insurance premiums).

Reference no: EM133633553

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