Current CHMC insurance rates
In Aug 2004 we took out a mortgage on a $153,500 condo purchase.
We could put down 0-14% and would have to add 7.95% in CMHC (Canada Mortgage and Housing Corporation) mortgage insurance premiums! Surprised at the high rate? It used to be quite a bit higher for self-employed people compared to salaried employees. We put down 15% ($23,025) which lowered our mortgage insurance to 3.65% ($4,762.38) – still a ton of money on just a $130,475 loan.
But things have improved! In July 2006 CMHC have enhanced and improved their terms for borrowers and now self-employed are treated the same way as salaried people. Right now we’d only have to add 1.75% insurance to our mortgage. Here are the current rates:
Table of CMHC Mortgage Loan Insurance Premiums
|
Loan Size (% of Lending Value) |
Single Advance Premium (% of Loan) |
| Up to and including 65% | 0.50% |
| Up to and including 75% |
0.65% |
| Up to and including 80% |
1.00% |
| Up to and including 85% |
1.75% |
| Up to and including 90% |
2.00% |
|
Up to and including 95% Traditional Down Payment Flex Down |
2.75% |
| Up to and including 100% |
3.10% |
Note: See your lender for premium surcharges and other terms and conditions that apply.