Premium Credit · Refinance
Estimate your CMHC premium credit.
When you refinance a property that already carries CMHC insurance, a portion of the original premium is credited against the new premium — the credit declines with time since the original insurance was placed.
| Within (months) | Credit % |
|---|---|
| ≤ 12 | 75% |
| ≤ 24 | 60% |
| ≤ 36 | 50% |
| ≤ 48 | 40% |
| ≤ 60 | 35% |
| ≤ 72 | 25% |
| ≤ 84 | 20% |
| > 84 | 0% |
Premium credit
$150,000
60% of the original $250,000 premium
How this applies
The credit reduces the premium payable on the refinance. If the new premium would be $320,000 and your credit is $150,000, you pay $170,000 (for that example only).