Real Estate

Question about Blended Mortgage and CMHC

  • Last Updated:
  • Sep 11th, 2018 1:49 pm
[OP]
Jr. Member
Jun 7, 2017
136 posts
112 upvotes

Question about Blended Mortgage and CMHC

Hello.

Just sold my house for 430k, buying new house for 360k, currently owe 330k on current house.

New house needs some major upgrades and I want to pay some debts, so I want to only put 5% down on new place. I currently have a mortgage that I got 2 years ago with 2.89% interest.

I want to do a blended however, am I able to do one as I will be paying CMHC fee's this time and did not last renewal?

My Mortgage guy said he is not sure if they can do blended because of the CMHC and I would have to cancel existing mortgage, pay the 4 month interest fee and get a new one at a much higher rate.

Any suggestions? Live in Alberta if that matters.
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