Quote:
Originally Posted by brianscott
I am looking at buying/ building a house in the next year or so, and am looking at all the costs involved.
I have a question about CMHC Insurance.
I will have a 5% down payment so i will need CHMC Insurance. calculating the cost i am looking at a 7500$ fee
My question is when is this fee paid?
Upfront along with the down payment?
Once I take posession?
or can it be added to the monthly mortgage payments?
Thanks guys,
Brian
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Thanks Kanon. Glad it worked out for you. And more than happy to help.
Brian. Your CMHC fee will be rolled into your MRTG. Basicly, it will eat up your 5% down payment. However, it is "Extra" and you only need to come up with 5% of your purchase price.
Please feel free to ask any other questions.
Jamie