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905-812-9211 john@ndlc.ca

InsuranceCMHC, Genworth and Canada Guaranty provide mortgage insurance for people who buy a house with less than 20% down.


Most people are familiar with CMHC and have never heard of the other two but CMHC has been working towards doing less business in recent years so the other two actually do more business. Anyone who pays this mortgage insurance premium is entitled to a 15% rebate of the insurance premium if they buy a home with an Energy Efficiency rating, see their website for details.

In todays market it is not uncommon for an insurance premium, which is added to the mortgage, to be over $20,000 so a 15% rebate amounts to $3,000. I’m sure that would come in handy when you just moved into a new home. I’m not sure why but this information is rarely shared with people buying homes and paying the insurance premium.

Here is a simple calculation to determine roughly how much someone will qualify for on a mortgage. For every $20,000 in income you can qualify for roughly $100,000 on a mortgage. For example, someone earning $80,000 per year could borrow $400,000 and $100,000 in income would translate to $500,000, $120,000 to $600,000 etc.