high ratio mortgage insurance CMHC

The following is a break down of the premiums depending on the loan to value ratio (LTV), for high-ratio mortgage loans offered for programs through both CMHC and Genworth Financial:

Loan to Value High Ratios (LTV)
Insurance Premiums


90.1 - 95% financing 

(with lender cashback incentives)

2.75%
85.1 - 90% financing
2.00%

80.1 - 85% financing

1.75%

Self_Employed

(Puchase up to 95% LTV)

6%
   

There are also programs available by the insurers that allow for the self-employed borrower unable to prove qualified income, to obtain mortgage financing under an Alt "A" program, who otherwise would not qualify under the traditional guidelines. Ask one of our Mortgage Edge consultants for more details on the Alt "A" program.

Extended amortizations of up to 35 years are also available to borrowers through the insurers at a slightly higher premium, which allows for greater affordability. Ask us for further details.

On occasion, a lender may require that a conventional deal be insured through the mortgage insurer, in which case the following premiums apply.

 

Conventional Insured (LTV)
Insurance Premiums


75.1-80% financing
1.00%

65.1-75% financing

65% or less financing

0.65%

0.50%

Applicants should be careful to understand why a lender is insisting on insuring a transaction when the LTV is less than 80%, so that they are not being unnecessarily insured.


IMPORTANT NOTE: Do not forget to ask one of our consultants how we can save you money if you are topping up your mortgage on a re-finance.

*On approved credit only, (OAC).
Fees may apply in some circumstances on unqualified transactions.

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