Jeff Ragsdale

Jeff Ragsdale

REALTOR®

Royal LePage Access Real Estate, Brokerage*

Mobile:
250-253-7991
Email Me
Jeff Ragsdale

Jeff Ragsdale

REALTOR®

Royal LePage Access Real Estate, Brokerage*

Mobile:
250-253-7991
Email Me

Mortgage Calculator

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CMHC Mortgage Premium Calculator

1. What is CMHC Premium Calculator?

 The CMHC Premium Calculator is a useful tool for homeowners and potential homebuyers in Canada. It helps calculate the mortgage insurance premium that is required by the Canada Mortgage and Housing Corporation (CMHC) when obtaining a high-ratio mortgage. Borrowers who cannot provide a down payment of at least 20% of the purchase price are considered at high risk of default and thus, mortgage lenders will require insurance to protect their interest should a buyer default.

 

 2. How does it work?

 The CMHC Premium Calculator takes into account various factors such as the purchase price of the property, the down payment amount, and the amortization period. By inputting these details, along with some additional information, the calculator provides an estimate of the mortgage insurance premium that will be required.

 

 3. Why is it important?

 An insured mortgage is mandatory for homebuyers who have a down payment of less than 20% of the purchase price. The premium is an additional cost that buyers need to factor into their closing costs and will added to the mortgage loan. It protects the lender in case the borrower defaults on the loan. By using the CMHC Premium Calculator, homeowners and potential buyers can  get a clear understanding of how much this premium will add to their monthly payments. In BC, there's no Provincial Sales Tax on CMHC mortgage insurance.

 

 4. How to use the CMHC Premium Calculator?

 Using the CMHC Premium Calculator is easy. Simply input the required information show, such as the purchase price, down payment amount, and other relevant details. The calculator will then provide an estimate of the mortgage insurance premium.

 

 5. Benefits of using the CMHC Premium Calculator

 Using the CMHC Premium Calculator allows homeowners and potential buyers to plan their budget more effectively by knowing the exact cost of the mortgage insurance premium. It also helps them compare different down payment scenarios and understand how it affects the premium and monthly mortgage payments in any housing market.

 

6. Mortgage Default Insurance providers

Mortgage default insurance is provided by private companies such as Sagen (formerly Genworth Canada) and Canada Guaranty (formerly AIG Canada), as well as the Canadian government through the Canadian Mortgage and Housing Corporation (CMHC).

 

7. Additional resources and support

 The CMHC website and mobile app provide additional resources and support for homeowners and potential buyers. These resources include information on mortgage insurance, down payment options, and other useful tools and calculators. Users can also contact CMHC directly for personalized advice and assistance.

 

 In conclusion, the CMHC Premium Calculator is a valuable tool for anyone looking to purchase a home in Canada. By using this calculator, individuals can better understand their mortgage default insurance premium and make better informed decisions about their homebuying journey.

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Disclaimer By entering my contact information I give my express consent to be contacted by 'Jeff Ragsdale, Royal LePage Access Real Estate, Brokerage*' and or real estate salespeople on behalf of 'Royal LePage Access Real Estate, Brokerage*' to discuss potential services.
As a REALTOR with several years of experience and a Building Technology background, I understand the complexities of buying and selling real estate. I take pride in providing excellent customer service based on honesty and professionalism. My knowledge in design, construction and building inspection can make a significant difference for buyers who need insight and guidance finding the right Home in Salmon Arm or the Shuswap.   My technical skills and understanding of the real estate industry, combined with my commitment to hard work and customer service, have enabled me to exceed my client's expectations and consistently achieve successful outcomes. 
 
Royal LePage professionals understand that a house is only a home if the people who live there feel safe. I unanimously agree and proudly support by donating a part of my commission to helping individuals and families find safety from domestic abuse. Since its founding in 1998, the Royal LePage Shelter Foundation has proudly grown to become the largest public foundation in Canada dedicated exclusively to funding women’s shelters and domestic violence prevention. Royal LePage is the only Canadian real estate company with its own charitable foundation. 
 
 
My clients can trust that I will be honest with them about their home or the home they are considering buying and its current market value. I strive to create a realistic set of expectations through an open dialogue and always provide the resources and market intelligence needed to ensure my clients can make well-informed decisions.
 
My real estate services are focused in the market area surrounding the Shuswap Lake in British Columbia, including Salmon Arm, Blind Bay, Sorrento, the North Shuswap, Enderby, Armstrong and Sicamous, so if you're in the area and search for "Realtors near me" or Royal Lepage Salmon Arm and I'll definitely show up. However, if your needs fall outside the Shuswap region, you can search the entire Province of BC on my website and I have access to a broad referral network and can help my clients wherever their needs are. My services cover various real estate types, from single-family residential, condos and townhouses to vacant land and mobile homes. Homeownership provides a haven for families to grow and prosper, symbolizes stability and achievement, and often represents the most significant single investment people will ever make. I am passionate about the real estate industry and the positive impact I can make on the lives of my clients, all the while being patient, open-minded, empathetic, and showing genuine concern for your needs. I am eager to share my knowledge and expertise and look forward to working with you!
 
Call, text or email me today and we'll get you moving in the right direction! T: 250-253-7991 E:jeffragsdale@royallepage.ca
 
 


Speciality: Residential, Condo's, Vacant Land, First Time Home Buyers, Seniors, Downsizing, Recreational, Waterfront, Strata Properties

Awards: 2023 Presidents Gold Award

Area Covered: Adams Lake, Anglemont, Armstrong, Blind Bay, Celista, Chase, Eagle Bay, Enderby, Grindrod, Magna Bay, Mara Lake, Salmon Arm, Scotch Creek, Sicamous, Sorrento, Spallumcheen, Sunnybrae, Tappen, Search Province Wide

Languages Spoken: English



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