Eric Skicki Team

Kingsway Real Estate Brokerage

    Buying / Selling: 647-989-7517 | Leasing / Renting: 647-858-7517

 

Interested in this listing? For fastest and most accurate resposne fill out the form below & one of our agents will contact you. We reply to all inquiries within 24 hours

 

Mortgage Insurance CMHC Mississauga Condo Calculator 

 

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.

Mortgage-Insurance-mississauga-condo

 

About Mortgage Insurance

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.


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Mortgage Insurance Providers

CMHC

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

Genworth Financial

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 Insurance Premiums Explained

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.

Loan-to-Value Ratio
Up to and including 65%
Up to and including 75%
Up to and including 80%
Up to and including 85%
Up to and including 90%
Up to and including 95%
90.01% to 95% – Non-Traditional Down Payment
Standard Premium
0.60%
0.75%
1.25%
1.80%
2.40%
3.15%
3.35%

Interested in this listing? For fastest and most accurate resposne fill out the form above & one of our agents will contact you. We reply to all inquiries within 24 hrs

 

 

 

Eric Skicki                                                                              Kingsway Real Estate Brokerage 

Sales Representative

 

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