|
 |
|
 |
How Much Does CMHC Mortgage Loan Insurance Cost?
To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you apply for a mortgage.
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.
Remember: without mortgage insurance you may avoid the insurance premium but you’ll typically pay much higher interest rates and additional administrative fees. At the end of the day, for the vast majority of borrowers, the cost of CMHC Mortgage Loan Insurance is more than fully offset by the savings achieved.
| Table of CMHC Mortgage Loan Insurance Premiums |
Loan Size
(% of Lending Value) |
Single Advance Premium
(% of Loan) |
| Up to and including 65% |
0.50% |
| Up to and including 75% |
0.65% |
| Up to and including 80% |
1.00% |
| Up to and including 85% |
1.75% |
| Up to and including 90% |
2.00% |
Up to and including 95%
Traditional Down
Payment Flex Down |
2.75%
2.90% |
| Up to and including 100% |
3.10% |
| Note: See your lender for premium surcharges and other terms and conditions that apply. |
Return to: CMHC Mortgage Loans
or
CMHC Main Menu
or
Mike's Home Page
Mike has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Mike or click on "Ask Your Own Questions."
Mike can send you information on any Property For Sale on the Multiple Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Mike can also help, just fill out his Would like an address form, please !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form.
|
© 2007 Mike Hider . com All Rights Reserved
This is not the official web site of RE/MAX metro-city realty ltd.
Designed and maintained by: John Smillie / Lasting Impressions |
|
