I often get questions such as “How Mortgage CMHC Insurance will I have to pay on my Mississauga Condo?” , “Do I save anything as a first time buyer?” or “Does it depend on the price of the condo?” This calculator below is great for anyone who is thinking about buying a condo and is facing mortgage insurance question. Use the form below to calculate the amount of mortgage insurance you will have to pay on your Mississauga condo.
Financial institutions are required by law to insure all mortgages with a loan to value ratio of less than 80%. This insurance protects the lender against borrower default.
Note: Provicial Sales Tax (8%) is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.
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
GE Mortgage Insurance Canada together, with its related affiliates, is the largest private sector mortgage insurance company in the world and the only private sector supplier of mortgage insurance in Canada. http://www.genworth.ca
Mortgage loan insurance premiums are 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.