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If I do a straight port to another home (no increase or decrease to mortgage amount), do I have to pay CMHC again if it still falls as a high-ratio mo

 
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anonymous


I would like to know if I need to pay CMHC again even if I want to port the same mortgage I currently have.
0     In Mortgage Cont.19

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    Q. If i port and exsisting mortgage to a new house and need to borrow more money do i need a down payment for the whole amount or just the new amount?


    If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

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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?


    "The difference between the new and current mortgage being ported...."



    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.

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    Q: If i do a straight port to another home (no increase or decrease to mortgage amount), do i have to pay cmhc again if it still falls as a high-ratio mo?

    The following questions have been merged into this one. If you feel any of these questions have been included in error help us improve our content by splitting these questions into seperate discussions. Please unmerge any questions that are not the same as this one:

    Q: If i do a straight port to another home (no increase or decrease to mortgage amount), do i have to pay cmhc again if it still falls as a high-ratio mo?
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