Today's Prime Rate: 3.00%
3 Year VRM: Prime - .70%
5 Year VRM: Prime - .65%
Open Variable: Prime + .80%
Chartered Bench Rate: 5.39%
TermOur Rate
6 Month Closed4.65%
1 Year Closed2.44%
2 Year Closed3.20%
3 Year Closed3.45%
4 Year Closed3.79%
5 Year Closed3.60%
6 Year Closed4.65%
7 Year Closed4.85%
10 Year Closed5.19%





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"I would like to thank you very much Dan for being so instrumental in me buying my first house! You were awesome to deal with through the entire process and got me the best possible deal! I am completely satisfied with you and your company's service and highly recommend you to family and friends. Again, thanks Dan for your help. I wouldn't have done it without you."

Brian F.
Campbell River, BC
Second Home

Providing More Financing Choices for Second Homes


Lifestyles are changing and these changes affect decisions that Canadians make regarding how and where they live. With this in mind CMHC will now provide homeowner insurance for borrowers with more than one residential property. You can now buy a second home with as little as 5% from your own or borrowed source. The new home must be intended for occupancy at some point during the year by the borrower or a relative of the family. This second home can be any where in Canada.


Features


  • Access to all CMHC homeowner mortgage loan insurance products
  • Available for 1-4 unit homeowner properties located anywhere in Canada
  • An individual can be a borrower/co-borrower on a maximum two CMHC insured homeowner properties
  • No additional underwriting requirements or premium surcharges for a second home - standard product specific premiums apply
  • Flexible financing options - single advance, progress advance, line of credit and extended amortization periods are available
  • Flexibilities available for energy-efficient homes

Benefits of CMHC Second Homes


  • More Financing Choice - Borrowers can purchase or refinance a mortgage loan covering a second home with their lender, using any of CMHC's mortgage loan insurance products for 1-4 unit residential properties
  • 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 35 years

Borrower Qualification


  • Minimum credit score of 600. Maximum debt servicing ratios of 35/42.

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% 2.25%
Up to and Including 80% 1.00% 2.75%
Up to and Including 85% 1.75% 3.50%
Up to and Including 90% 2.00% 4.25%
Up to and Including 95% Traditional Down Payment VS Non-Traditional Down payment 2.75%
2.90%		 4.25%
4.20%