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CMHC ELIMINATES APPLICATION FEES


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Blog by Doug Treleaven | June 28th, 2006


It was announced today that CMHC will eliminate application fees on all high-ratio homeowner mortgage loan insurance products.  The typical fee eliminated will be $165 but could be as high as $235 depending on the type of transaction.

In addition, CMHC will provide mortgage insurance that allows lenders to offer borrowers with a proven history of managing their credit responsibily the option of making interest-only mortgage payments for up to the first 10 years when they purchase or refinance their home.