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What will my CMHC, Genworth or Canada Guaranty fees be?
High-ratio mortgages: estimating insurer fees
If your down payment is less than 20%, your mortgage is considered high-ratio and must be insured against payment default by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada or Canada Guaranty.
The insurer will charge a fee for this insurance. The amount of the fee will depend on the amount you are borrowing and the percentage of your down payment. Typical fees range from 0.5% to 2.9% of the principal amount of your mortgage. This amount can be paid up front or added to the principal portion of your mortgage. A Mortgage Specialist can help you determine the exact amount
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.