Quote:
Originally Posted by Kiran403
Does anyone know if, when renewing my mortgage, I can opt out of the CMHC insurance they make you get if you put less than 10% down when making the initial purchase? We had to get it when we first bought the house but we've paid down enough of the principal now that we would be past that. House is worth approximately $540K and we owe about $405K.
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The threshold is 20% down for no insurance, but you don't need to pay again on renewal anyway - the insurance is good for the life of the loan including renewals.