The Insurance Premium is paid once, at the time of closing and may be added onto the mortgage or paid separately. The premium rate depending on the size of your down payment.
To calculate the premium, multiply the mortgage amount by the premium rate.
Premium Rates:
| Loan to Value Ratio | Premium on Total Loan |
| Up to 65.00% | 0.60% |
| 65.01 – 75.00% | 1.70% |
| 75.01 – 80.00% | 2.40% |
| 80.01 – 85.00% | 2.80% |
| 85.01 – 90.00% | 3.10% |
| 90.01 – 95.00% | 4.00% |
Premium Rates for Business for Self (Stated Program)
| LTV Ratio | Recommended Credit Scores | Purchase | Refinance | Top-Up Premium |
|---|---|---|---|---|
| 85.01% – 90% | 650 | 5.85% | N/A | 9.00% |
| 80.01% – 85% | 620 | 3.75% | N/A | 6.50% |
| 75.01% – 80% | 620 | 3.30% | 1.90% | 4.45% |
| 65.01% – 75% | 620 | 2.60% | 1.15% | 3.00% |
| < 65% | 620 | 1.50% | 0.90% | 1.75% |
Amortization Options:
Maximum 25 years
Maximum amortization period reduced from 30 to 25 years as of June 21, 2012 for high ratio mortgages (less than 20% downpayment).
Maximum 30 years
Maximum amortization period for conventional mortgages is now 30 years.
Have a mortgage question?
The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.
Audrey Kurek – Mortgage Broker
Phone 403-247-9770 for more information.