How much are mortgage insurance fees?
Downpayments that are less than 20% of the purchase price are considered to be high-ratio mortgages and are subject to mortgage insurance fees. High-ratio mortgages must be insured by either the Canada Mortgage and Housing Corporation or Genworth Financial Canada. The fees typically range between 0.5% to 2.90% of the principal borrowing amount.
Related Questions
- Are the following exclusions from points and fees allowed: (a) up to 1 point of the FHA mortgage insurance and VA funding fee; and (b) up to 2 bona fide discount points?
- Are the following exclusions from points and fees allowed: (a) up to 1 point of the FHA mortgage insurance and VA funding fee; and (2) up to 2 bona fide discount points?
- How much are mortgage insurance fees?
