Quote:
Originally Posted by fundmark19
You don't have to pay CMHC fees again when you renew a mortgage. You pay them once per property. If you refinance that house you pay the difference between what you paid before and the new value.
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Not sure if I'm misinterpreting what you're saying, but there are no CMHC fees on a refinance either. You can only refinance up to 80% LTV (unless you use a private lender for a 2nd mortgage behind), so you're still in a conventional mortgage and do not need to pay the premium.
If you port your mortgage (take it from one property to another), your CMHC/Genworth/CG insurance is generally portable as well, meaning you would not have to pay a brand new premium on your new purchase. If you need new money (which most do because people generally trade up), then you would have to just pay a top-up premium on the difference between the mortgage amount requested and the mortgage amount you ported over.
EDIT: Lenders will back-end insure their mortgages, but is paid by them, not you.