Mortgage default insurance, also known as mortgage insurance or CMHC (Canada Mortgage and Housing Corporation) insurance, is a unique insurance premium you may need to pay if you put down less than a 20% down payment on a home.

Mortgage insurance is designed to protect your lender if you ever default on your loan. It’s not entirely one-sided, though: mortgage insurance allows you to qualify for a mortgage with less cash upfront. This can keep interest rates reasonable even with a low down payment.

You can learn more about mortgage insurance here: Everything You Need to Know About Mortgage Insurance