Quebec Real Estate Licensing Exam Practice · Question
A buyer in Gatineau is making a down payment of 15% on a $350,000 home. Which type of mortgage insurance would be required, and from which provider?
A down payment of less than 20% on a residential property requires high-ratio mortgage insurance, which can be acquired through CMHC or other approved private i
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Question: A buyer in Gatineau is making a down payment of 15% on a $350,000 home. Which type of mortgage insurance would be required, and from which provider?
Answer options: ✅ High-ratio mortgage insurance from CMHC or a private insurer.
- Conventional mortgage insurance from a private financial institution.
- Mortgage default insurance, but only if the lender specifically requests it.
- The mortgage would automatically be conventional and require no insurance.
Correct answer: High-ratio mortgage insurance from CMHC or a private insurer.
Explanation: A down payment of less than 20% on a residential property requires high-ratio mortgage insurance, which can be acquired through CMHC or other approved private insurers as per federal regulations.
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