DID YOU KNOW? Financial institutions are required by law to insure all mortgages with a loan-to-value ratio of less than 80%. This insurance protects the lender against borrower default.

Note: Provincial Sales Tax (8%) is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.

Mortgage Insurance Providers

CMHC

Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. Established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. More about CMHC can be found at www.cmhc.

GENWORTH FINANCIAL

GE Mortgage Insurance Canada together, with its related affiliates, is the largest private sector mortgage insurance company in the world and the only private sector supplier of mortgage insurance in Canada. www.genworth.ca

MORTGAGE PAYMENT CALCULATOR

Get a sense for your mortgage payments, the cash you'll need to close, and the monthly carrying costs with Ratehub.ca MORTGAGE PAYMENT CALCULATOR.

Land Transfer Tax

When you buy a house, condo, or land; anywhere in Canada outside Alberta and Saskatchewan, you are subject to land transfer tax. Use Ratehub.ca LAND TRANSFER TAX CALCULATOR to determine your land transfer tax amount.

Mortgage Affordability Calculator

When searching for a new home, the first step is to figure out how much you can afford. Ratehub.ca takes the most important factors like your income and expenses and determines the maximum purchase price that you can qualify for with our MORTGAGE AFFORDABILITY CALCULATOR.

Mortgage Default Insurance (CMHC)

The calculator below will give you an idea of how much MORTGAGE DEFAULT INSURANCE (CMHC) might cost. Put in an asking price and down payment amount and it'll estimate your mortgage insurance premium.