Yes, if your original mortgage was insured, you will still be able to qualify for the high ratio promos when switching.ace604 wrote: ↑So what happens if you used to have a high-ratio mortgage, say 15% down, and now upon renewal/switch/transfer time you are at 25% "down" (equity on original purchase price, ignoring any property increase even!).
Does your initial CMHC insurance remain valid, and wouldn't that fact make you qualify for the "high-ratio mortgages only" specials?
or no?
you can't have to re-insure every time you switch ... CAN YOU? do you have to reinsure for a "refinance" where you're not actually borrowing any more money??
I think your insurance remains valid for the original declining balance until the end of the original amortization, no? ... so the lenders shouldn't care if you are high-ratio or not, they should just care if they have to pay insurance or not.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)