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Office: 519-941-5151 Fax: 519-941-5432
Orangeville Real Estate, Shelburne Real Estate, Mono Real Estate, Caledon Real Estate, Brampton Real Estate, Bolton Real Estate, Erin Real Estate, Grand Valley Real Estate, East Garafraxa Real Estate, Dundalk Real Estate and Dufferin County Real Estate
Certified SRES - Seniors Real Estate Specialist and NAGAB - National Assoc of Green Agents & Brokers
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CMHC Calculator
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Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. Established as a government-owned corporation in 1946 to address Canada's post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. More about CMHC can be found at http://www.cmhc.ca
Note: HST is due the date of closing and is not rolled into a mortgage.
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Mortgage Insurance Premiums Explained
The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.
| Loan-to-Value | Premium on Total Loan | Premium on Increase to Loan Amount for Portability and Refinance | | Standard Premium | Self-Employed without 3rd Party Income Validation | Standard Premium | Self-Employed without 3rd Party Income Validation** | | Up to and including 65% | 0.50% | 0.80% | 0.50% | 1.50% | | Up to and including 75% | 0.65% | 1.00% | 2.25% | 2.60% | | Up to and including 80% | 1.00% | 1.64% | 2.75% | 3.85% | | Up to and including 85% | 1.75% | 2.90% | 3.50% | 5.50% | | Up to and including 90% | 2.00% | 4.75% | 4.25% | 7.00%* | | Up to and including 95% | 2.75% | N/A | 4.25%* | * | 90.01% to 95% —
Non-Traditional Down Payment*** | 2.90% | N/A | * | N/A | | Extended Amortization Surcharges | Greater than 25 years, up to and including 30 years: 0.20%
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