Lender
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.

CMHC PayOff

Advertiser Disclosure

Repayment of loan

Customers who apply for the first-time homebuyer incentive must note the repayment rules that the company has. The Incentive must be repaid at the end of the 25-year term or when the property is sold. Firstly, customers or their representatives must inform the company that they are ready to repay their incentive. Secondly, they must provide the company’s representative with documentation supporting the property's current market value at the time of the repayment. Afterward, there are two scenarios. The first case is early voluntary repayments or repayments at the 25-year mark, and the incentive amount must be determined using the property's fair market value. The second one is the sale of the property. In that case, the incentive amount must be based on the property's market value at the time of sale, which generally would be supported by the purchase price as stated in the purchase and sale agreement. The third step of repayment is the review of the whole documentation sent by customers. Customers will receive an invoice with payment instructions if the company's representative confirms. Finally, when the payment is made in full, the company’s representative will work with customers or their legal representation in accordance with municipal or provincial laws to complete the discharge of the shared equity mortgage.

CMHC repayment

FAQ

How do I make a payment on CMHC?

Customers can make their payments with the help of the company’s online portal and set up automatic withdrawals. Repayment schedules must be discussed with the broker or the company representative.

What happens if you don't pay back CMHC?

If customers can’t make a regular payment on time, they should inform the company about it to find a solution. In the worst case, customers’ credit scores can decrease, and their files can be passed to a collection agency.

Can you pay CMHC early?

Unfortunately, the company doesn’t provide such information on its website. To find this out, customers need to contact the company.

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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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™
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300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
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
$500-$50,000
Rate
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Effective interest rate on the product

7.5%
Term
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Loan term for the financial product

60 months
Mogo
Personal Loan
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
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

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 – 5000.00 C$
Rate
i

Effective interest rate on the product

19.90 – 45.90 %
Term
i

Loan term for the financial product

6 months – 36 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
from 1000.00 C$
Rate
i

Effective interest rate on the product

from 14.40 %
Term
i

Loan term for the financial product

to 1 years
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