Quote:
Originally Posted by MJK
CMHC Fees:
5% downpayment .......$5486
7.5% downpayment ....$5342
10% downpayment ....$3780
Are these normal?
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Sounds about right. I think for a 5% down payment you do have to turn around and pay 2.5% as a high ratio mortgage insurance. The more you put down the less risk you are of going into negative equity and wanting to default on the mortgage. Given the $1700 different and that the difference between 5 & 10% down payment would seem to be around $10,000 I'd look for a way to come up with that other money and save on the insurance.
Others are better versed in this, but I don't know if you could take it out of your RRSP, than get a RRSP loan and put it all back in your RRSP's right away.