In 1954, the National Housing Act (NHA) introduced mortgage insurance in Canada, which authorized the Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund to protect NHA Approved Lenders. This loan insurance is required when a mortgage loan is more than 75% of the purchase price of a dwelling. Qualified homebuyers with CMHC Mortgage Loan Insurance can purchase a property with as little as 5% down. First-time home purchasers who have not owned a home at any time during the past five years may qualify for the First Home Loan Insurance Program.

NHA Mortgage Loan Insurance is available through NHA Approved Lenders (banks, caisses populaires, credit unions, trust companies, and other financial institutions).

For more information on qualifying for a mortgage on a Townwood residence, call Diego Musatti of the Royal Bank at (416) 589-5115.