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What is considered to be a high ratio mortgage to CMHC?

 
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Asked by
anonymous


How much down payment do I need in order not to have mortgage insurance? Is there a mortgage insurance which can cover my monthly payments incase I will have a financial situation in the future?
0     In Mortgage

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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.

    This answer closely relates to:
    • Considered a high mortgage
      • How to add cmhc fees to your mortgage?
      • What happens to cmhc fees when moving my mortgage?

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    Can you help us by answering one of these related questions?
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