On February 15 2016, mortgages insured by CMHC will have new down payment rules. See if your new mortgage will be effected by these changes.
What’s the price? We’ll show you if the new down payment rules effect you.
This calculator is designed to help you determine if the proposed CMHC changes will impact your down payment requirement.
It only determines your minimum down payment. Depending upon your application, you may have to put more down. You may also choose to put more down.
Also keep in mind, the down payment is only one cost when purchasing a property. Your actual closing costs can vary depending upon your application and location of the property.
A few possible closing costs:
- Legal fees
- Appraisal
- Property tax adjustment
- Property transfer tax (depending on your region)
- Title insurance
It is best to speak to a qualified mortgage broker about all of your options. If you have questions on down payment, or anything else mortgage related, please contact me and I would be happy to help.