Friday September the 22nd, 2017 

Erik A.Vail Broker

Royal LePage / JOHNSTON & DANIEL DIVISION Brokerage

477 MT. Pleasant Road, Toronto ON, M4S 2L9

Direct: 416.482.8330 x8211

Office: 416.489.2121

Fax: 416.489.6297

Gairdner Award ~ Diamond Award ~ Award of Excellence

CMHC Calculator


About Mortgage Insurance

Financial institutions are required by law to insure all mortgages with a loan to value ratio of less than 80%. This insurance protects the lender against borrower default.

Note: Provicial Sales Tax (8%) is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.


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Mortgage Insurance Providers

CMHC

Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. Established as a government-owned corporation in 1946 to address Canada's post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. More about CMHC can be found at http://www.cmhc.ca

Genworth Financial

GE Mortgage Insurance Canada together, with its related affiliates, is the largest private sector mortgage insurance company in the world and the only private sector supplier of mortgage insurance in Canada. http://www.genworth.ca

Mortgage Insurance Premiums Explained

Mortgage loan insurance premiums are calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.

Loan-to-Value Ratio
Up to and including 65%
Up to and including 75%
Up to and including 80%
Up to and including 85%
Up to and including 90%
Up to and including 95%
90.01% to 95% – Non-Traditional Down Payment
Standard Premium
0.60%
0.75%
1.25%
1.80%
2.40%
3.15%
3.35%
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