insurance and new home

[Colby82]

you dont have to pay CMHC if you put down 25% or more on the total price of the home. if you are only paying 5% you get the CHMC charge.

[Scythanith]

Originally Posted by Colby82

you dont have to pay CMHC if you put down 25% or more on the total price of the home. if you are only paying 5% you get the CHMC charge.

There is a huge range between 5% and 25%!

This is from CMHC's website

"Typically lenders will require mortgage loan insurance if a borrower has a down payment of less than 20% of the purchase price of the home."

We paid 10% on our home and still had to pay CMHC. 20% down on our home would have been 65K, I didn't have that lol!