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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%

Durham Region July 2018 Market Statistics

Originally posted on: August 17, 2018
Last updated on: August 17, 2018
Filed under: july market durham region
Transactions increase Year-Over-Year for July in Durham Region. Please feel free to share and if you would like more information please let us know.

Home prices set to rise.

Originally posted on: July 11, 2018
Last updated on: July 11, 2018
Filed under: sellers home prices
National home prices set to rise after slow start says Royal Le Page by Steve Randand11 Jul 2018 It’s no ...

Things to do this July 7 and 8th weekend in Durham

Originally posted on: July 5, 2018
Last updated on: July 5, 2018
Filed under: things to do durham festivals
6 ideas for Durham Region on July 7 and 8 WHATSON 04:00 AM Oshawa This Week UXBRIDGE -- Daniel ...

Good News for Home Buyers and Sellers

Originally posted on: June 14, 2018
Last updated on: June 14, 2018
Filed under: buyer homes seller
Good news for homeowners by Canadian Press14 Jun 2018 A report by Canada Mort ...

Tick Safety

Originally posted on: June 8, 2018
Last updated on: June 8, 2018
Filed under: tick safety ticks tick removal
We are sure you have heard about the tick infestations on the news lately. We thought we would post this for everyone to know how to prevent and ...
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Durham Bungalows
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420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-289-274-2273
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