GE (Genworth), CMHC and AIG will insure 1-4 non-owner occupied investment/rental units. 

What is the cost for Mortgage Insurance?
There are usually two fees associated with Mortgage Insurance: the underwriting fee and the premium.

Underwriting Fee: There is no application fee with this product.

Premium
The insurance premium is paid once, at the time of closing, and may be added onto the mortgage or paid separately. The premium rate varies from 1.75% to 6.50% of the mortgage amount depending on the size of your down payment. To calculate the premium, multiply the mortgage amount by the premium rate.

Loan-to-Value Ratio	Premium
75.01%-80%	2.50%
80.01%-85%	3.50%
85.01%-90%	4.75%
90.01%-95%	6.50%

 

 

 

 

Mortgage Rates: Discounted Rates, and amortization up to 35 years.

Net Worth: There is no minimum net worth for this product.

10% Down (Rental offset) Example:

• Purchase price of $250,000
• Mortgage of $250,000 at 7.25%
• $1559 P&I
• Rate: 5%
• Monthly rent is $2000

With the Genworth and CMHC mortgage, they will add 80% of the rental income into the clients income, but use the full monthly mortgage payment in their liabilities.

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