how can you avoid paying CMHC?
Dec 10, 2009
Thanks for the question Dillon
The only way to avoid paying CMHC premiums is to put down 20% (or 25% depending on the lending institution) of the purchase price for your home/condo. This can be a combination of your own personal savings and perhaps gifts from family members. While many may fear using this savings cushion to purchase a home, the savings over the long run is tremendous. A larger down payment can help reduce/eliminate the CMHC premium and ensuring less principal and interest to pay back over the life of your mortgage.
ZDog
