Hello all,
I was hoping I could get some guidance from the forum. It was my understanding that you could refinance a rental property up to 80% LTV without CMHC insurance. However when I meet with my mortgage broker today he said that all of his lenders are now only going up to 75%LTV without CMHC. We could still go up to 80% but it would require CMHC at a 2.5% premium.
Sorry if this is common knowledge. It was just news to me. Is this the case now? Do you know of any lenders that still do 80% without CMHC? He said his last lender just made the change a few weeks ago.
Thanks so much!
I was hoping I could get some guidance from the forum. It was my understanding that you could refinance a rental property up to 80% LTV without CMHC insurance. However when I meet with my mortgage broker today he said that all of his lenders are now only going up to 75%LTV without CMHC. We could still go up to 80% but it would require CMHC at a 2.5% premium.
Sorry if this is common knowledge. It was just news to me. Is this the case now? Do you know of any lenders that still do 80% without CMHC? He said his last lender just made the change a few weeks ago.
Thanks so much!