CMHC ELIMINATES APPLICATION FEES
June 28th, 2006It was announced today that CMHC will eliminate application fees on all high-ratio homeowner mortgage loan insurance products. The typical fee eliminated will be $165 but could be as high as $235 depending on the type of transaction.
In addition, CMHC will provide mortgage insurance that allows lenders to offer borrowers with a proven history of managing their credit responsibily the option of making interest-only mortgage payments for up to the first 10 years when they purchase or refinance their home.
In addition, CMHC will provide mortgage insurance that allows lenders to offer borrowers with a proven history of managing their credit responsibily the option of making interest-only mortgage payments for up to the first 10 years when they purchase or refinance their home.