With the significant appreciation in housing prices over the past five years, many consumers have taken advantage of the refinance program offered through CMHC and Genworth. No one likes to refinance their home to pay out credit card debt, car loans or line of credit, but sometimes it makes sense to review this option in more detail.
Once again, it helps to have a professional consultants from Trimor Home Finance explain this program and review your individual needs in detail. If your original mortgage was insured, you only pay the insurance premium on the new money borrowed.
For more information on this and any other CMHC and Genworth program, please contact Red Key Mortgage Group at 403.460.7707.
A refinance enables borrowers to take equity out of their homes for a variety of purposes including: asset enhancement, debt consolidation, combining a first and second mortgage or renovations.
This program excludes loans for default management purposes.
Owner Occupied: Maximum four units with at least one unit occupied as the principal residence Existing properties (not for new construction).
Secondary Homes: Maximum 2 units Existing properties (not for new construction).
‘Loan-to-value’ (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with a $90,000 loan, you have a 90% LTV ($90,000 divided by $100,000 = 90%). For this program, the maximum LTV ratio is 90.00%
Available for extended amortizations up to 35 years (refer to 30/35 Year Product Overview for premium schedules). If a full premium is paid on the entire mortgage the amortization can be up to 35 years.
The new premium payable will be the lesser of the premium as a percentage of the total new loan amount or the premium as a percentage of the top-up portion from the current loan amount.
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