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For when you have less than 25% down you have to pay the CMHC Insurance, which can be a LOT of money ($5,000 or so!). I'm hoping when you move and have to buy a new house IRP reimburses you for the CMHC Insurance fees - does anyone know if this is true?
Also, has anyone here not sold their res when they moved and took advantage of the real estate incentive? I have a question for you if you have.
I have the links to the policy and overview and all that stuff for the IRP program, but no where in it does it state "CMHC Insurance fees" or anything similar. They do talk about "Mortgage default Insurance", so I'm wondering if thats their term for CMHC Fees. If thats the case it comes from personalized funds anyways, so doesn't matter if they pay for it or not it just comes out of the cash refund you would recieve anyways.
Thanks!!
Shaynelle
Also, has anyone here not sold their res when they moved and took advantage of the real estate incentive? I have a question for you if you have.
I have the links to the policy and overview and all that stuff for the IRP program, but no where in it does it state "CMHC Insurance fees" or anything similar. They do talk about "Mortgage default Insurance", so I'm wondering if thats their term for CMHC Fees. If thats the case it comes from personalized funds anyways, so doesn't matter if they pay for it or not it just comes out of the cash refund you would recieve anyways.
Thanks!!
Shaynelle