{"id":184,"date":"2021-10-30T02:07:02","date_gmt":"2021-10-30T02:07:02","guid":{"rendered":"https:\/\/mortgagesbysoin.ca\/?page_id=184"},"modified":"2021-11-23T01:41:37","modified_gmt":"2021-11-23T01:41:37","slug":"cmhc-financing-3","status":"publish","type":"page","link":"https:\/\/mortgagesbysoin.ca\/cmhc-financing-3\/","title":{"rendered":"CMHC Financing"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ admin_label=”Page Title Section” _builder_version=”4.12.0″ use_background_color_gradient=”on” background_color_gradient_start=”#313e47″ background_color_gradient_end=”rgba(49,62,71,0.5)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/pexels-jimmy-chan-998499-scaled.jpg” custom_padding=”120px||120px|” global_colors_info=”{}”][et_pb_row admin_label=”Page Title Area” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Page Title” _builder_version=”4.12.0″ text_font=”||||||||” text_text_color=”#ffffff” text_font_size=”18px” text_line_height=”2em” header_font=”Prata||||||||” header_font_size=”60px” header_line_height=”1.6em” header_3_font=”||||||||” header_3_line_height=”1.8em” text_orientation=”center” background_layout=”dark” max_width=”700px” module_alignment=”center” custom_margin=”||10px|” animation_style=”fade” header_font_size_tablet=”40px” header_font_size_phone=”” header_font_size_last_edited=”on|desktop” global_colors_info=”{}”]

CMHC Financing<\/h1>\n

Mortgages by Soin<\/strong><\/h3>\n

 <\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Quote Section” _builder_version=”3.22″ custom_padding=”110px|0px|110px|0px” border_color_all=”rgba(255,186,96,0.6)” border_width_right=”8vw” global_colors_info=”{}”][et_pb_row column_structure=”3_4,1_4″ admin_label=”Quote Area” _builder_version=”3.25″ use_custom_width=”on” global_colors_info=”{}”][et_pb_column type=”3_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Author Name” _builder_version=”4.12.0″ text_font=”|600||on|||||” text_text_color=”#ffba60″ text_letter_spacing=”4px” header_font=”||||||||” header_4_font=”||||||||” module_alignment=”center” animation_style=”slide” animation_direction=”bottom” animation_intensity_slide=”10%” animation_starting_opacity=”100%” global_colors_info=”{}”]

CMHC Financing<\/p>[\/et_pb_text][et_pb_text _builder_version=”4.12.0″ text_font=”Roboto Slab||||||||” text_font_size=”17px” text_letter_spacing=”1px” text_line_height=”1.8em” header_font=”||||||||” header_3_font=”||||||||” header_3_line_height=”1.6em” header_4_font=”||||||||” custom_margin=”|||” custom_padding=”|||30px” animation_style=”flip” animation_intensity_flip=”5%” animation_starting_opacity=”100%” border_color_all=”#313e47″ border_width_left=”10px” global_colors_info=”{}”]

CMHC mortgage loan insurance lets\u00a0you get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment.<\/p>[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Project Image Area” _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-29-at-7.06.11-PM.png” title_text=”Screen Shot 2021-10-29 at 7.06.11 PM” show_bottom_space=”off” force_fullwidth=”on” align_tablet=”center” align_phone=”center” align_last_edited=”on|desktop” _builder_version=”4.12.0″ custom_margin=”|||” custom_padding=”|||” animation_style=”slide” animation_direction=”right” animation_intensity_slide=”2%” border_width_all=”30px” border_color_all=”#ffffff” box_shadow_style=”preset2″ box_shadow_horizontal=”0px” box_shadow_vertical=”15px” box_shadow_blur=”60px” box_shadow_color=”rgba(29,61,71,0.2)” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Project Analysis Section” _builder_version=”3.22″ custom_padding=”90px||90px|” global_colors_info=”{}”][et_pb_row admin_label=”Project Analysis Area” _builder_version=”4.12.0″ custom_padding=”60px|0px|60px|0px” border_color_all=”rgba(51,51,51,0.12)” border_width_top=”1px” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.12.0″ text_font=”||||||||” text_font_size=”16px” text_line_height=”2em” animation_style=”fade” global_colors_info=”{}”]

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What is CMHC Mortgage Loan Insurance?<\/h1>\n

Find out if your down payment requires you to get mortgage loan insurance on your new home.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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If you want to buy a home with a down payment of less than 20%, you\u2019ll need mortgage loan insurance. This protects your lender in case you can\u2019t make your payments.<\/p>\n

Benefits<\/h2>\n

CMHC mortgage loan insurance lets you get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment.<\/p>\n

Mortgage loan insurance helps stabilize the housing market, too. During economic slumps when down payments may be harder to save, it ensures the availability of mortgage funding.<\/p>\n

Minimum down payment<\/h2>\n

To get mortgage loan insurance, you\u2019ll need a minimum down payment. The amount depends on the home\u2019s purchase price:<\/p>\n

    \n
  • If the home costs $500,000 or less, you\u2019ll need a minimum down payment of 5%.<\/li>\n
  • If the home costs more than $500,000, you\u2019ll need a minimum of 5% down on the first $500,000 and 10% on the remainder.<\/li>\n
  • If the home costs $1,000,000 or more, mortgage loan insurance is not available.<\/li>\n<\/ul>\n

    Cost<\/h2>\n

    Your lender pays an insurance premium on mortgage loan insurance. It\u2019s calculated as a percentage of the mortgage and is based on the size of your down payment. Your lender will likely pass this cost on to you. You can pay it in a lump sum or add it to your mortgage and include it in your payments.<\/p>\n<\/div>\n<\/section>\n<\/article>\n

    Not all financial institutions offer home equity financing options. Ask your financial institution which financing options they offer.<\/span><\/p>\n

    You must go through an approval process before you can borrow against your home equity. If you\u2019re approved, your lender may deposit the full amount you borrow in your bank account at once.<\/span><\/p>\n

     <\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.12.0″ _module_preset=”default”][et_pb_column _builder_version=”4.12.0″ _module_preset=”default” type=”4_4″][et_pb_button button_text=”Learn more about CMHC” _builder_version=”4.12.0″ custom_button=”on” button_text_size=”14px” button_text_color=”#ffba60″ button_border_width=”2px” button_border_color=”rgba(255,164,13,0.4)” button_border_radius=”0px” button_letter_spacing=”4px” button_font=”|700||on|||||” button_icon=”%%3%%” custom_margin=”10px|||” custom_padding=”10px||10px|” animation_style=”fade” animation_direction=”right” hover_enabled=”0″ button_bg_color_hover=”rgba(0,0,0,0)” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”rgba(0,0,0,0)” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” locked=”off” button_alignment=”center” sticky_enabled=”0″ button_url=”https:\/\/www.cmhc-schl.gc.ca\/”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”CTA Section” _builder_version=”3.22″ use_background_color_gradient=”on” background_color_gradient_start=”#313e47″ background_color_gradient_end=”rgba(49,62,71,0.74)” background_color_gradient_overlays_image=”on” background_image=”https:\/\/mortgagesbysoin.ca\/wp-content\/uploads\/2021\/10\/law-firm-03.jpg” custom_padding=”99px|0px|200px|||” border_color_all=”#26333a” border_width_left=”8vw” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”2″ admin_label=”CTA Area” _builder_version=”3.25″ locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Title” _builder_version=”3.27.4″ text_font=”||||||||” header_font=”||||||||” header_2_font=”Prata||||||||” header_2_font_size=”48px” header_2_line_height=”1.6em” background_layout=”dark” module_alignment=”center” custom_margin=”|||” custom_padding=”|||” animation_style=”fade” header_2_font_size_tablet=”40px” header_2_font_size_phone=”” header_2_font_size_last_edited=”on|tablet” locked=”off” global_colors_info=”{}”]

    Let’s Work Together<\/h2>\r[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_button button_text=”Get In Touch” _builder_version=”3.16″ custom_button=”on” button_text_size=”14px” button_text_color=”#ffba60″ button_border_width=”2px” button_border_color=”rgba(255,164,13,0.4)” button_border_radius=”0px” button_letter_spacing=”4px” button_font=”|700||on|||||” button_icon=”%%3%%” custom_margin=”10px|||” custom_padding=”10px||10px|” animation_style=”fade” animation_direction=”right” button_bg_color_hover=”rgba(0,0,0,0)” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”on” button_bg_color__hover=”rgba(0,0,0,0)” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

    CMHC Financing Mortgages by Soin  CMHC FinancingCMHC mortgage loan insurance lets\u00a0you get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment. What is CMHC Mortgage Loan Insurance? 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