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Mortgage insurance

Planiprêt 360 > Mortgage insurance

How to take advantage of the CMHC portability option?

Annabelle and Jean-François own a condominium. With a third child who will be born in 6 months, the place is running out. They will therefore move to a larger home. Will they be able to take advantage of the portability option of Canada Mortgage and Housing Corporation (CMHC)? What is the CMHC portability option? First, remember that an owner must pay mortgage insurance if he provides a down payment of less than 20% of the selling price of the house. With the transferability option, moving borrowers can transfer CMHC mortgage loan insurance from their current property to another. Depending on the...

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