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.
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%
