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What’s the difference between a conventional loan and an insured loan?
A conventional loan is a mortgage for which you’ve made a minimum down payment of 20%.
You should opt for an insured loan if your down deposit is less
than 20%. This means that the loan must be insured by one of the
recognized mortgage loan insurers, Sagen<sup>TM</sup>
(formerly known as Genworth), the Canada Mortgage and Housing
Corporation (CMHC)or Canada Guaranty<sup>TM</sup>.
Good to know:
You can use your RRSP to finance your
down payment.
Want to learn more?
-
Discover
the Home Buyers’ Plan (HBP).
-
Learn
more about the Tax-Free First Home Savings Account
(FHSA).
TM Sagen is a trademark of Genworth Financial Canada Mortgage Insurance Company.
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