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| CMHC, Everything you need to open new doorsWhen it comes to buying your home, nothing is more valuable than peace of mind. That’s why for 60 years Canada Mortgage and Housing Corporation (CMHC) has shared a wealth of knowledge and housing expertise to help create an informed and reassured homeownership experience. Millions of Canadians continue to benefit from mortgage insurance and much more from CMHC — a place they already call home.Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with little or no down payment — with interest rates comparable to those with a 20% down payment (see premium chart ). As Canada’s national housing agency, CMHC is uniquely positioned to offer you a range of financing options to ensure you have access to a wide choice of quality, affordable housing including the CMHC Flex 100 product. It is possible for Lenders to provide eligible borrowers with financing of up to 100% of the home’s value. The product is available only for those borrowers who have a proven track record of managing their debt and the financial capacity to repay the mortgage, but who have not yet saved a 5% down payment. Sources for your down payment can include: borrowed funds, gifts and lender cash back incentives. Save 10% on your premium if a CMHC-insured mortgage is used to buy an energy-efficient home, or to renovate a new or existing home with the intention to making it more energy efficient, you may also have the option of extending the amortization period for an additional 10 years. Understanding that changing lifestyles affect the decisions you make on how and where you live — CMHC offers mortgage loan insurance on the purchase or refinance of a second home. This home can be located anywhere in Canada, provided it is not an investment property, and must be suitable for, and available for year-round occupancy. Borrowers have easier access to mortgage loan insurance than ever before with no additional fees or premiums because CMHC has improved its employment verification requirements for self-employed borrowers. CMHC's Home Buying Step by Step guide designed to make things easier for you by providing the information you need to make a wise home buying decision. It provides examples and worksheets that will guide you through the entire home buying process; from the moment you make the decision to buy your own home to the moment the movers carry the first box through the front door. It couldn't be easier! To order ‘Step by Step’ and learn more about CMHC products and tools for homebuyers go the CMHC website and search on Buying a Home. . This information is provided by the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. | |||||||||||||||
London and St. Thomas Association of REALTORS®, 342 Commissioners Rd.W., London, Ontario. N6J 1Y3 - Phone 519-641-1400 - Fax 519-641-4613
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