Quote:
Originally Posted by Colby82
you dont have to pay CMHC if you put down 25% or more on the total price of the home. if you are only paying 5% you get the CHMC charge.
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There is a huge range between 5% and 25%!
This is from CMHC's website
"Typically lenders will require mortgage loan insurance if a borrower has a down payment of less than 20% of the purchase price of the home."
We paid 10% on our home and still had to pay CMHC. 20% down on our home would have been 65K, I didn't have that lol!