View Single Post
Old 02-11-2018, 08:56 AM   #8
Mortgage Made Easy
Crash and Bang Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

Quote:
Originally Posted by Izzle View Post
Bump!

I had a general question about Mortgage insurance but didnt want to start up a new thread. When I got a mortgage, I only did so with 5% down and therefore had to get CMHC insurance. Now, when my mortgage is up for renewal, could I ask to take the mortgage insurance off? Is there any way to take it off?

If I could take the CMHC payment off, I would like to contribute the savings to a term life insurance policy.
Hi Izzle,

Mortgage default insurance is not something you can have removed. The insurance is added (capitalized) onto your mortgage at the beginning and is a one time added premium when buying with less than 20% down payment.

Note that at renewal there IS NOT an additional CMHC premium added.

It is also good to note that since your mortgage was originally insured, you will be able to get access to some of lowest rates. Renewing your mortgage does not typically cost anything even if you are switching lenders.

If you would like us to assist and advise of renewal options, please reach out and we would be happy to assist.

Tim
tim@cgymortgage.com
403-648-1541
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email calgarypuck@kardiamortgage.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote