Comments on: What is CMHC Mortgage Insurance?

By: Friday Links - Canadian Finance Blog

Friday Links - Canadian Finance Blog — Sat, 27 Feb 2010 06:19:40 +0000

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By: Health Business Blog » Blog Archive » Cavalcade of Risk: Just when you thought it was safe to go back in the water

Wed, 24 Feb 2010 18:31:13 +0000

[...] are interested in learning about mortgage loan insurance that protects lenders in Canada, and Canadian Finance Blog is pleased to [...]

By: mortgage guide

mortgage guide — Thu, 04 Feb 2010 12:52:39 +0000

Saving up to input a decent percentage of your down payment to get a better rate is a good idea for the long term of your mortgage as you will save more money overall due to the lowered insurance premium and it also shows the bank you are more committed to the mortgage.
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By: Edwin C Urfano

Edwin C Urfano — Fri, 25 Dec 2009 15:02:21 +0000

Hello There,
Is there a good benefit that I can get to waive the CMHC Insurance since it is for the soul benifits of the lender not for the borrower which is myself. I just recently bought a property and the cost of CMHCI insurance is $16,300 Which I think is really high. I put a down payment of 10% which the mortgage broker told me to do so plus the transfer of property that cost me $16,200.Is there anybody there who can enlighten me or have the experience with all this process which I feel something in the process is wrong. Please advice or give your comment.
Thanks, and have a nice holiday!

By: Tom

Tom — Thu, 15 Oct 2009 17:31:31 +0000

I’m not positive, but I believe the amount available to be borrowed also counts in your percentage. For example, if you have a mortgage for 50% and you want a HELOC for another 30%, then that counts at 80% since your debt level on the house could potentially be up to 80% the very next day.

By: jo

jo — Wed, 14 Oct 2009 22:57:02 +0000

How do you compute the insurance premium for a refinance mortgage that borrows from the equity?

By: No Debt Guy

No Debt Guy — Wed, 09 Sep 2009 17:35:07 +0000

There are still programs where you can purchase a home with no down payment. If you do the math, they are actually not a bad deal.

By: Mike's Mortgage Guide

Mike's Mortgage Guide — Mon, 07 Sep 2009 15:53:24 +0000

I just finished a massive garage which will increase the value of my property enough to drop the additional insurance. If this insurance was not available, I would not have this nice of a home. It is important to get out from under the insurance as soon as possible though.

By: Tom

Tom — Mon, 31 Aug 2009 21:59:04 +0000

Yak, you just pay it at the beginning of your mortgage. Technically it’s the one time, though it can be spread out over the length of your mortgage.

By: yak

yak — Fri, 28 Aug 2009 20:08:28 +0000

when do you stop paying the CHMC insurance?