I heard from only one person until now that CMHC is transferable, is it true ? Meaning, if one sells first house and buys another, the CMHC paid on first house can be transferred and used for second house as well. And one need not spend another $ 8-10 K on CMHC for second house ?
Hi Aashu,
I think you are talking about CMHC portability.
Read the link below.
http://www.cmhc-schl.gc.ca/en/co/moloin/fiop/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=157110
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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
Location: carl sagan's universe
Posted on: 09-09-08 22:40:14
Well Aashu- u got the link.
In a nutshell it is 'transferable'(portable).
Have done it several times for clients. There is a premium if the amount you borrow is higher than the current amount though, but no refund if it is lower.
Thanks Sanjeev and investpro
Link says if you buy thru emili ....is this a feature we need to buy or we need to buy form one company or is it valid for all and any CMHC bought frm any where ?
