If your mortgage needs insurance, the app automatically calculate the premiums and add it to your total loan. The mortgage payments are then re-calculated using the new loan amount.
CMHC has specific guidelines for insuring mortgages. We have done all that research and implemented the rules right into the app.
All you need to do is specify a home price and your down payment and the app will tell you when:
- Insurance is required and also calculates it and adds it to the loan
- Insurance is not required. Usually when you are over 20% down
- Insurance requirements are not met with a simple message to why