Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply For CMHC

Advertiser Disclosure

How to apply for a loan?

To apply for one of the products provided by CMHC, customers will have to check their eligibility and collect all required documentation. As soon as they have that done, they will need to contact the company to apply. Also, they can apply via the company’s online portal. 

Requirements

The company provides customers with different products and services, so different requirements exist. For example, to apply for mortgage insurance, customers must be over the age of majority and be Canadian citizens. Also, their credit score must be at least 600; the maximum allowed GDS ratio is 39%, and the maximum permitted TDS ratio is 44%; their home cost must be more than $1 million; they can't have an amortization period that is longer than 25 years. Moreover, CMHC insurance is required if they make a down payment of less than 20%. For example, the minimum down payment is 5% for homes under $500,000, and if the purchase price is $500,000 or more (but less than $1 million), the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount. 

Application details

As the company has several different products and services, different applications are required. Therefore, customers must ensure that their project meets the minimum requirements and that they have enough time as application time varies. Also, customers will need to create an online account even if they are a part of CMHC, and note that application verification can take several weeks, but they can check the status of their application. Moreover, they can’t change the initiative or program they are applying for after they have selected it on the “Proponent” page. As a result, if they have chosen the wrong program, they will have to apply once more. Finally, as soon as customers are done with the application, it will be stamped and locked, so if they need to make any changes after they apply, they will need to contact the company to have their file returned. 

CMHC application

FAQ

How long does it take to get approved by CMHC?

The approval depends on several factors, such as customers’ eligibility or the chosen product. In some cases, approval may take several weeks.

How trustworthy is CMHC?

CMHC is a Crown Corporation of the Government of Canada. Moreover, the company has relatively high ratings on glassdor.com and insureye.com.

Can I leave the application webpage before finishing it?

Yes, customers can leave the page even if their application is not finished, and it will be securely saved. Then, as soon as they return, they can continue it.

Is my personal information secured?

Yes, all the data that customers enter is entirely private. However, CMHC is committed to protecting the personal information of applicants. 

Financial products
CMHC
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
i

Loan term for the financial product

up to 25 years
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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650
1000
up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
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Effective interest rate on the product

7.5%
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Loan term for the financial product

60 months
Mogo
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
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Effective interest rate on the product

up to 46.96%
Term
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Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1000.00 – 7500.00 C$
Rate
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Effective interest rate on the product

12.99 – 29.99 %
Term
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Loan term for the financial product

2 years – 5 years
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000 - $25,000
Rate
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Effective interest rate on the product

up to 33.92%
Term
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Loan term for the financial product

up to 60 months
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