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This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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AR's community takes the time to leave honest and transparent reviews of their experiences
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Each month AR runs numerous contests as a way for our members to engage in activities
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Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
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Consumers peruse these pages for information
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One of the key aspects of buying a home is saving for the down payment. Mortgage Loan Insurance from Canada Mortgage and Housing Corporation (CMHC) can help bring homeownership within reach, with as little as 5% down.
What is Mortgage Loan Insurance?
Mortgage Loan Insurance is just that - insurance from a trusted third party, which protects lenders against default on a mortgage loan by a homeowner. In Canada, Mortgage Loan Insurance is generally required whenever a homebuyer has less than 20% of the purchase price available as a down payment. Because the lender is protected, they are able to offer mortgage financing even if you have a smaller down payment, at a rate of interest that is comparable to the lower rates typically reserved for homebuyers with a larger down payment. To obtain Mortgage Loan Insurance, an insurance premium must be paid based on the total amount of the loan (the purchase price minus the down payment). This premium can be paid in a lump sum, or added to your mortgage and included in your monthly payments.
How Much Does it Cost?
In general, the larger your down payment, the lower your premiums will be. The exact premium will be calculated when you apply for a mortgage. But to give you a general idea, the current Mortgage Loan Insurance premiums charged by CMHC are: Size of down payment (as % of purchase price)*
Insurance premium (as % of total loan)**
15% to less than 20% 1.75%
10% to less than 15% 2.00%
5% to less than 10% 2.75% or 2.90%***
* Mortgage Loan Insurance from CMHC is also available for loans of less than 80% of the purchase price.
** Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the
*** The rate of 2.90% is for mortgage loans where the down payment is funded through non-traditional sources, such as
borrowed funds, gifts, 100% sweat equity or lender cash back incentives.
For an additional premium, CMHC Mortgage Loan Insurance is also available for loans with extended amortization periods. The additional premiums are: Loan with amortization period greater than 25 years and up to 30 years: +0.20% Loan with amortization period greater than 30 years and up to 35 years: +0.40% For example, if you are buying a $200,000 home with a down payment of $10,000 (or 5% of the purchase price) amortized over 25 years, the Mortgage Loan Insurance premium would be 2.75% of your $190,000 loan, or $5,225. If you chose to extend the amortization to 30 years, an additional premium of 0.2% or $380 would be charged.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.