- Joined
- Dec 5, 2007
- Messages
- 2,880
Hello everyone!
when there is CMHC insurance I understand the amount is added to the mortgage, say 2.75% is added for insurance due to 5% downpayment.
My question is related ot the downpayment amount in this example: is it 5% of the purchase price or 5% of (purchase price + CMHC insurance)? not usre how the bank calculates that. THANKS
when there is CMHC insurance I understand the amount is added to the mortgage, say 2.75% is added for insurance due to 5% downpayment.
My question is related ot the downpayment amount in this example: is it 5% of the purchase price or 5% of (purchase price + CMHC insurance)? not usre how the bank calculates that. THANKS