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.