Dominion Lending is a mortgage and leasing company with more than 2,000 members offering free expert advice across Canada for all your mortgage needs:
- Residential Mortgages
- Commercial Mortgages
- Equipment Leasing
Mortgage Questions
CMHC and Genworth
High Ratio Fees
If you are looking to purchase a property with less than 20% of the purchase price as a down payment, all banks require that the Mortgage be insured through either the Canadian Mortgage and Housing Corporation, (CMHC), or Genworth Financial Canada. These institutions provide mortgage insurance to homebuyers and have identical premiums of which are listed below.
LTV Ratio Premium Rate
Up to 65%
0.50% (in special circumstances)
65.01% - 75%
0.65% (in special circumstances)
75.01% - 80%
1.00% (in special circumstances)
80.01% - 85%
1.75%
85.01% - 90%
2.00%
90.01% - 95%
2.75%
*LTV: Loan to Value
** Premium is non-refundable
Add 0.2% for each 5yr increase in added to amortization over 25yr
Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment!
To obtain mortgage loan insurance, lenders pay an insurance premium. Your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
For more information visit CMHC’s website, Genworth or the newest entrant to the mortgage insurance program, Canada Guaranty.
Call To Action
For more information on any program you may be interested in please either email us at
This email address is being protected from spambots. You need JavaScript enabled to view it.
or call 403-343-1125 to set up an appointment with an agent.
CMHC and Genworth
High Ratio Fees
If you are looking to purchase a property with less than 20% of the purchase price as a down payment, all banks require that the Mortgage be insured through either the Canadian Mortgage and Housing Corporation, (CMHC), or Genworth Financial Canada. These institutions provide mortgage insurance to homebuyers and have identical premiums of which are listed below.
| LTV Ratio | Premium Rate |
|---|---|
| Up to 65% | 0.50% (in special circumstances) |
| 65.01% - 75% | 0.65% (in special circumstances) |
| 75.01% - 80% | 1.00% (in special circumstances) |
| 80.01% - 85% | 1.75% |
| 85.01% - 90% | 2.00% |
| 90.01% - 95% | 2.75% |
| *LTV: Loan to Value | ** Premium is non-refundable |
Add 0.2% for each 5yr increase in added to amortization over 25yr
Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment!
To obtain mortgage loan insurance, lenders pay an insurance premium. Your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
For more information visit CMHC’s website, Genworth or the newest entrant to the mortgage insurance program, Canada Guaranty.