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The Cost Of CMHC Insured Financing |
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To purchase property with CMHC high-ratio financing you will be
required to cover the cost of an application fee for CMHC to review your application. Once
your application is approved, the CMHC insurance premium, which is calculated based on the
size of the loan can be paid as an initial lump sum or you can have it added to your final
mortgage loan.
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The cost to purchase a property with a CMHC insured mortgage is
calculated as a sliding scale based on the size of your down payment. |
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| Loan Size (% of property price) |
Premium (% of loan) |
| Up to and including 65% |
.60% |
| Up to and including 75% |
1.70% |
| Up to and including 80% |
2.40% |
| Up to and including 85% |
2.80% |
| Up to and including 90% |
3.10% |
| Up to and including 95% |
4.00% |
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Documentation Required
To apply and qualify for CMHC insured high-ratio financing the you must produce a copy of: |
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- Copy of Contract of Purchase and Sale
- Copy of Property Condition Disclosure Statement
- Signed "Certification"
- Mortgage application
- Income verification
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Return to Buying |
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Email:info@davidtung.com
www.DavidTung.com |