What is CHMC?
CHMC stands for Canada Housing Mortgage Corporation simply known as insurance for the bank. If you are buying a property with less than 20% down payment you are subjected to pay CHMC.
How Much Do You Have To Pay?
5% down: 4% premium + hst
10% down: 3.1% + hst
15% down: 2.80% + hst
Note:
Please note there are 3 mortgage default insurer provider CHMC being the most common ones. The 3 company are CHMC, Genworth, and Canada Guarantee.
Even if the lender gives you a loan but if you're down payment is less than 20% and insurance default provider do not approve you...you are still will not be able to avail a mortgage without insurance.
CHMC stands for Canada Housing Mortgage Corporation simply known as insurance for the bank. If you are buying a property with less than 20% down payment you are subjected to pay CHMC.
How Much Do You Have To Pay?
5% down: 4% premium + hst
10% down: 3.1% + hst
15% down: 2.80% + hst
Note:
Please note there are 3 mortgage default insurer provider CHMC being the most common ones. The 3 company are CHMC, Genworth, and Canada Guarantee.
Even if the lender gives you a loan but if you're down payment is less than 20% and insurance default provider do not approve you...you are still will not be able to avail a mortgage without insurance.