First Time Homebuyers, Mortgage FAQ

What Is CMHC Mortgage Loan Insurance

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What Is CMHC Mortgage Loan Insurance?

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When buying a home in Canada, you’ll be required to make a down payment which can be as low as 5% of the property value. However, keep in mind that this value can vary depending on the price of the home you’re buying.

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You’re legally obligated to get mortgage loan insurance if your down payment is less than 20% of the property’s price. CMHC (Canada Mortgage and Housing Corporation) is a government agency that provides such insurance at a premium.

The premium can range from 4.5 to 0.6 percent of your mortgage and directly correlates with your down payment. The bigger your down payment, the smaller the premium.

The main purpose of mortgage defaulting insurance, such as the one provided by the CMHC mortgage loan insurance, is to protect lenders when you fail to make your mortgage payments.

Benefits of CMHC Mortgage Loan Insurance

Although most first-time home buyers are not too pleased with any extra cost they incur while purchasing their home, a loan assurance can benefit most individuals and the housing market.

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It makes It Possible for Many Buyers to Purchase Homes

In a tough economy where even the most essential services cost a pretty penny, saving up 20% of your home’s purchasing price can be arduous.

But with CMHC mortgage loan insurance purchasing a home is now accessible to a wide range of buyers, including first-time home buyers and young parents.

Allows You to Invest in Property

A mortgage loan assurance can help you invest in properties in different ways. For one, the money that could have otherwise made your down payment can be put towards purchasing an investment property.

Two, because you’ve been a homeowner sooner, you can begin to reap the benefits of your appreciating property value. With CMHC mortgage loan insurance, you can obtain a mortgage for up to 95% of the cost of your property, enabling you to make investments in homes that might otherwise be out of your price range.

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Help You Get Better Rates on Your Insurance

You may be able to negotiate a competitive interest rate on your mortgage if you have CMHC mortgage loan insurance.

By securing mortgage insurance, you lower the lender’s risk, which frequently translates into better interest rates for you, the borrower.

Offers Stability in the Housing Market

The housing market is also stabilized by mortgage loan insurance. It guarantees the accessibility of mortgage financing during uncertain economic times when down payments could be more difficult to save.

The borrower can buy a home without a huge upfront cost while the lender remains confident that the money they loan out is protected.

The Cons of CMHC Mortgage Loan Insurance

One of the main disadvantages of CMHC mortgage loans is the premium you’ll have to pay. If you cannot pay this sum upfront, you must make monthly payments, including interest, which will drive up the cost.

Also, mortgage loans are unavailable for any homes costing above $1,000,000.

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Get Professional Help Navigating CMHC Mortgage Loans Insurance

For First-Time Home Buyers wondering whether they need mortgage loan insurance, a professional mortgage broker can help you explore your options.

Contact a professional Edmonton mortgage broker for guidance on your best strategy as a first-time home buyer.

Don’t go in blind; call me.

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Are you ready to purchase your first home? Reach out to me directly or start your application here: www.sandraforscutt.ca/mortgage-application/

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Don’t hesitate to contact us with any questions you may have.

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