Mortgage Insurance Fees

Mortgages that are higher than 75% of the purchase price are called high ratio Mortgages, and must by law have Mortgage Insurance. This is paid by the borrower and the fee is added onto the monthly mortgage payment. The insurance premium is calculated as a percentage of the mortgage amount, and is dependant on the loan to value. It is arranged through CHMC or GEMI.

Loan to Lending Value Ratio	PREMIUMS
Up to and including 65%( required in some situations)	0.50%
Up to and including 75% (required in some situations)	0.65%
Up to and including 80%	1.00%
Up to and including 85%	1.75%
Up to and including 90%	2.00%
Up to and including 95%	2.75%

High Ratio mortgage financing costs include a processing/ appraisal fee of 165.00 + 8% PST on the Insurance premium amount.