Premium on Total Loan
Premium on Increase to Loan Amount for Portability and Refinance
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**
Traditional sources of down payment include:
Applicant’s savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (less than 50% of min. required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable grant from federal, provincial or municipal agency).
Effective June 1st, 2015, the mortgage loan insurance premium for homebuyers with less than a 10% down payment will increase by approximately 15%.
- Maintain the remaining amortization period of the existing CMHC-insured loan.
- Where there is an increase to the loan amount, the amortization period of the existing CMHC-insured loan and the loan increase may be blended using a weighted average provided the resulting amortization does not exceed the remaining economic life of the property. For refinance transactions the resulting amortization may not exceed 25 years. A 0.60% blended amortization surcharge to the loan increase applies to the Premium on Increase to Loan Amount.