A money saving CMHC portability strategy:

CMHC is a necessity for many clients that are purchasing and obtaining mortgages, especially in the larger markets in Canada.  More specifically CMHC is required for almost every purchase where a client has less than 20% down payment.  In the larger mortgage markets of Calgary, Vancouver, Toronto, and Edmonton we see CMHC being required very often for most clients’ first and often second home purchases.

What many Canadians do not know is that when you sell your home and purchase a new one within two years and have to again obtain CMHC insurance for your new home purchase you are eligible for a CMHC credit up to 100% of your original premium amount paid.

CMHC Portability strategy savings example:

With an average mortgage amount of $300 000 and a 5% down payment, our clients could save between $8250 and $2062.

How it works:

If your mortgage is repaid and you purchase a new home with CMHC insurance within six months you receive up to 100% of your original insurance premium credited back, within 12 months it is 50%, and within 24 months it is 25% of your premium.

I always work to add value to our past and future clients and help you save money.  The next time you or your friends or family are moving or being transferred and you are paying out your mortgage, give me a call and we can work out your potential savings via our CMHC portability strategy together.

All the best,

Rylan Hahn