Mortgage Premium Calculator
Under the Canadian Bank Act , federally regulated lending institutions are not allowed to provide mortgages beyond 80% of the value of the home or purchases with less than 20% down payment.
CMHC Insurance , also referred to as Mortgage Default Insurance, is required whenever a mortgage exceeds 80% of the purchase price.
Effective July 9th, 2012, Canadian government brought in two important changes to the CMHC Insurance regulation
1. Houses over 1 million dollar will not qualify for CMHC mortgage Insurance.
2. CMHC Insured mortgages cannot be amortized more than 25 year amortization period.