Portability
Providing Flexibility and Financing Choice for Borrowers who are Relocating
CMHC's portability feature allows borrowers to port their CMHC insured mortgage loan from an existing home to a new home and in some cases save money by reducing or eliminating the premium on the financing of the new home.
Features
- Available for all CMHC insured mortgage loans covering 1 - 4 unit residential properties originally approved through emili
- No new premium due where terms of mortgage are unchanged (same or lower Loan-to-Value (LTV), loan amount and amortization period)
- Premium payable where there is an increase to LTV, loan amount, and/or amortization period
- Where premium on Total Loan Amount is payable, a premium credit may be available under certain conditions.
Benefits of CMHC Portability
- Reduced Costs - Repeat users of CMHC Mortgage Loan Insurance may be able to save money by reducing or eliminating the mortgage loan insurance premium on the financing of a new home.
- Competitive Interest Rates - Fixed Rates, Variable Rates, Prime Rate
- Availability - Available coast-to-coast-to-coast with no set maximum loan amount (individual lender maximums will apply)
Amortization Options
- Up to existing current amortization
Borrower Qualification
- Minimum credit score of N/A. Maximum debt servicing ratios of 35/42.
| Eligible Products |
All CMHC insured mortgage loans covering 1-4 unit properties originally approved through emili. The borrowers on the new application must be the same borrowers as the original approved application.
|
| Portability Options |
- Straight Portability
- Portability-with-Increase
|
| Straight Portability |
- The existing mortgage balance, remaining amortization, and Loan-to-Value Ratio on a new
- No new mortgage loan insurance premium is paid
|
| Portability-with-Increase |
- There is an increase to LTV, loan amount, and/or amortization period
- The premium payable is the lesser of the Premium on Total Loan Amount less applicable Premium on Increase to Loan Amount.
|
| Maximum Loan-to-Value |
- For Portability-with-Increase, where the premium on the Increase to the Loan Amount is paid, the maximum loan to value is 90%.
- CMHC may consider a higher Loan-To-Value ratio when the new ratio is equal to or less than the original Loan-To-Value ratio.
|
Application Premiums
(Owner occupied properties) |
Surcharges |
| Loan to value Ratio |
Premium on Total Loan Amount |
Premium on Increase to Loan Amount for Portability |
Extended Amortization = Add 0.20% for every 5 years of amortization beyond the 25 year amortization period.
Blended Amortization = For portability 0.50%
CMHC Line of Credit/Interest Only Mortgages = Repayment Option: 5 Years (5/20) 0.25% 10 Years (10/15) 0.50% Conversion from 5/20 to 10/15 0.35%
|
| Up to and Including 65% |
.50% |
.50% |
| Up to and Including 75% |
.65% |
.50% |
| Up to and Including 80% |
1.00% |
.50% |
| Up to and Including 85% |
1.75% |
.50% |
| Up to and Including 90% |
2.00% |
.50% |
| Up to and Including 95% Traditional Down Payment VS Non-Traditional Down payment |
2.75%
2.90% |
2.75%
2.90% |
