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Did you know you can port your mortgage insurance (CMHC, Genworth or Canada Guaranty) premiums even if you break the current mortgage for a better rate? You may be upsizing and add more money to your mortgage. Most people think they have to pay the premium on the whole mortgage amount again if they don’t have 20% downpyament. Not necessarily. 

When you add to the mortgage you can have your mortgage broker check with the underwriter if it’s more economical to pay the topup premium or redo it. Even though the topup premium percentage is higher it could still be cheaper depending how much the topup amount is. 

Checking this avenue can save you thousands of dollars. I just recently did a scenario with a borrower where the topup was $9322 versus $18000. That’s just about half. Does it workout like that every time? Not always but there is nothing to lose. It’s a win-win to check. 

Most borrowers don’t know this and my guess is that not every CSR or mortgage broker thinks of this either. 

If you have any questions I’m just a phone call away.