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Old 08-20-2015, 02:49 PM   #16
MillerTime GFG
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Join Date: Feb 2010
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Quote:
Originally Posted by fundmark19 View Post
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.
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.
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