Can ii port cmhc fees to a new mortgage

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Can ii port cmhc fees to a new mortgage?

In Mortgage Cont.20

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	Q. If you have an existing mortgage and wish to port your higher mortgage for a new home do you pay for cmhc insurance on the whole new amount of the mor?
	"You do not want to pay multiple cmhc fees..." You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees . If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED. This answer closely relates to: Port cmhc premiums rbc If i buy a new house and port my mortgage do i have to pay cmhc fees? If i port a mortgage do i need to repay cmhc fees? Comment Reply Report 0 0

Q. Do cmhc fees need to be paid if i move my mortgage to a new lender?

"Be careful though as cmhc may not agree on the valuation..."

You do not have to. The insurance should only be on the top-up amount of the loan. Be careful though as CMHC may not agree on the valuation of the property if it is a top-up insurance and you may not get the property value you need to renew or refinance a mortgage.

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