The CMHC (Canadian Mortgage and Housing Corporation) has been Canada’s housing authority for more than 65 years. The CMHC contributes to the housing market and financial system to help support Canadians with their housing needs. They have information on almost anything regarding homeownership in Canada!
The Canadian Mortgage and Housing Corporation is there to provide assistance to Canadians with their housing needs. They also provide them with information related to their specific situation. A few things the CMHC can help with is mortgage loan insurance, first nation housing and affordable housing and many more.
CMHC and Mortgage Loan Insurance
Mortgage loan insurance is mandatory when the buyer puts down less than 20% as a down payment on the home. This protects the lender against potential loss. It allows qualified buyers to access mortgage rates that are comparable to those who have put down a larger down payment. Although this may seem like an unnecessary addition, it is there for the protection of not only the lender, but for you as well. Mortgage Loan Insurance is something that can be a safety blanket in case you fall on hard times so you don’t have to worry about losing your home. The CMHC also has a wide variety of material available about Canadian Registered Covered Bonds, Mortgage Backed Securities, and information on the housing market.
Aboriginal Canadians tend to face more difficulties with getting a home compared to the general population. The CMHC works closely with them, the government and lenders. Each year through the CMHC the government provides funding to Aboriginal housing needs. This funding could be used for on reserve or off reserve homes.
The Canadian Mortgage and Housing Corporation help Aboriginal people with on-reserve housing. Most of the Aboriginal people living off of a reserve have access to the same type of funding. There is a lot of information available for anyone seeking more material on funding, the housing market or the CMHC at https://www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/data/abhoco/index.cfm
Providing affordable housing is important to all Canadians and especially the people who may really need it. The CMHC takes pride in helping people get housing to fit their wants and needs. The CMHC helps not only Aboriginal people, but they also help seniors, people with disabilities, low-income families and people who are at the risk of homelessness.
Every year, the Government invests on average $2 billion dollars towards housing needs for Canadians who need help. There are many programs that the Canadian Mortgage and Housing Corporation offers to help Canadians afford a home.
If you need any assistance and would like to see which programs you might qualify for, you can give the Canadian Mortgage and Housing Corporation a call at 1-800-668-2642 or visit their website at http://www.cmhc-schl.gc.ca/ Many First time home buyers are not aware of all the opportunities the Canadian Mortgage and Housing Corporation can give them. They have a wealth of information and knowledge on their side and will be happy to help in any way possible.
If you would like to talk to a mortgage broker at Team Jardine about your options we would be glad to help you! You can reach out to us by phone, email or our Contact Us Page. We will get back to you promptly. We look forward to speaking with you about all of your mortgage needs!