Business and Personal Finance Dictionary

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• MORTGAGE INSURANCE
  
  If your down payment is less than 25% of the purchase price of the property, the lender is going to require either private mortgage insurance or public mortgage insurance through Genworth Mortgage Insurance Corporation or Canada Housing and Mortgage Corporation (CMHC). The fee is calculated as a percentage of your mortgage. This is known as default insurance. (Please note that Invis will calculate this amount for you automatically if your mortgage falls into this category.)
  
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