Mortgage default insurers

CMHC mortgage review — a broker's perspective

Canada Mortgage and Housing Corporation — federal Crown corporation. Primary mortgage default insurer in Canada. Premiums financed into the mortgage on under-20%-down purchases. Also operates the MLI Select multifamily program.

Founded: Founded 1946
Headquarters: Ottawa, ON
Products: 1 product types
Tier: Mortgage default insurers
Broker licence: FSRA #13737 broker

Start Pre-Approval See live rates 4.9 ★★★★★ Google CMHC website

Reviewed by Mortgage Squad Advisors Editorial Team · Licensed Mortgage Advisors · Reviewed by the Principal Broker

FSRA Brokerage #13737 · 15+ years · Last reviewed May 13, 2026

Where CMHC stands out

Who is CMHC good for?

CMHC suits files matching the lender's specific specialty and borrowers who fit the lender's primary file profile. It is strongest on: Insured mortgage premiums, MLI Select multifamily program, Federal Crown corp, First-time buyer programs.

Strong fit for

Files matching the lender's specific specialty
Borrowers who fit the lender's primary file profile
Borrowers we've identified as a strong match after intake

Probably not the right fit if

Files outside the lender's appetite
Borrowers who would be better priced or approved elsewhere

Not sure where your file fits? Start a free pre-qualification and we’ll check your fit across 99+ lenders — no credit check to begin.

Overview

What kind of lender is CMHC?

CMHC sits within the mortgage default insurers tier of Canada's mortgage market. CMHC, Sagen, Canada Guaranty. Not lenders — they insure under-20%-down mortgages for the lender. Premium financed into the mortgage.

Working across 99+ Canadian lenders, our brokerage knows CMHC's underwriting appetite — what they say yes to, what they push back on, and what file structure gets a clean approval the first time.

Live rate context

CMHC rate context — May 13, 2026

We can't publish lender-specific rates by name (lender confidentiality + daily-changing rate sheets). Here is today's market context for mortgage default insurers pricing. Your exact CMHC rate depends on your file, term and insurance.

5-yr fixed (insured)

3.94%

5-yr variable (insured)

3.55% (Prime −0.90%)

5-yr fixed (conv.)

4.59%

Prime

4.45%

Full live rate board Get your exact rate

Product menu

What mortgages does CMHC offer?

CMHC funds 1 mortgage types. We can access its full broker-channel menu.

Insurance only — not a lender

Bank direct vs broker channel

Should you go to CMHC directly or use a broker?

CMHC sells only through brokers, so a licensed brokerage like ours is the way in. We’re not employees of CMHC. We’re an independent FSRA-licensed brokerage that sends your file to CMHC when it’s the best fit — and to a different lender when it’s not.

Going direct to CMHC vs. through us

Aspect	Direct with CMHC	Through Mortgage Squad Advisors
Rate sheet	Broker-channel only — no direct retail access	Direct broker-channel access — our day-one cost
Lenders shopped	Just CMHC	99+ lenders incl. CMHC
If declined	Application ends; reapply elsewhere	Re-route to next-best lender same day
Cost to borrower	$0 — bank pays its own staff	Disclosed up front (private/alt files only)
Underwriting strategy	CMHC's lens only	We structure your file to CMHC's preferences before submission
Renewal benchmarking	CMHC sends a single offer; you accept or counter	We benchmark across 99+ lenders 120 days before renewal

Same CMHC loan documents. Different shopping power. Start a pre-qualification to see what your file looks like across 99+ lenders.

How we work with CMHC

Discovery
A 5-minute call about your income, credit, down payment, home and timeline. No credit check to start.
Match
We compare your file with 99+ lenders, not just CMHC. If CMHC fits best, we go there.
Submit
We send a full package to CMHC's broker desk, set up the way their underwriters like it.
Funding
Approval, conditions, lawyer, funding. We manage every step.

Alternatives

Other mortgage default insurers we shop alongside CMHC

Same tier, often similar rates. We compare CMHC with these every time.

Sagen

Private mortgage insurance

Canada Guaranty

BFS + self-employed insurance

By city

CMHC mortgage broker — major Canadian cities

We place CMHC files across Canada. Pick your city for local market context.

Toronto Vaughan Mississauga Brampton Markham Oakville Richmond Hill Burlington

Don’t see your city? Browse all Canadian markets — we lend nationally.

FAQ

CMHC — common questions

Don’t see yours? Ask Maya.

What are CMHC's current mortgage rates in Canada?

CMHC's rates change daily and are channel-specific — branch rates differ from broker-channel rates. As a brokerage we access CMHC's broker-channel sheet, typically 15-30 bps below their walk-in rate. Our live rate board (last reviewed May 13, 2026) shows current best-in-network across 99+ lenders. See our live rate board.

How do I qualify for a mortgage with CMHC?

Standard Canadian qualifying: 5%+ down (under 20% requires CMHC/Sagen/Canada Guaranty default insurance), OSFI B-20 stress test at the higher of contract rate + 2% or 5.25%, GDS ≤ 39% and TDS ≤ 44%. CMHC's underwriting has specific preferences we know from working with them — we'll tell you whether your file is a strong fit before submitting.

Is CMHC a good mortgage lender?

CMHC is genuinely strong on: Insured mortgage premiums, MLI Select multifamily program, Federal Crown corp. As your broker we evaluate CMHC against 99+ other Canadian lenders for your specific file — sometimes they're the best fit, sometimes a different lender is. The honest answer depends on your file profile, not the lender's marketing.

Can I switch to CMHC at renewal?

Yes, if your file qualifies. A transfer-in at renewal typically costs you $0 — CMHC covers the discharge fee from your old lender and the appraisal as a transfer incentive. We benchmark CMHC's offer against your existing lender's renewal rate and the broader market 6 months before renewal so the switch (or stay) is timed properly.

Does CMHC work with self-employed borrowers?

CMHC focuses on standard A-lender files. For self-employed borrowers we'd typically place at a specialty BFS lender (Home Trust, Equitable, RFA, Haventree) and refinance to CMHC once 2 clean NOAs accumulate. See our self-employed mortgages.

How long does CMHC take to approve a mortgage?

CMHC's commitment turnaround on a clean broker-channel file is typically 24-72 hours from submission. Complex files (BFS, foreign income, atypical down payment) can take 5-10 business days. Conditional approval to funding is usually 14-30 days depending on appraisal, lawyer, and conditions.

What's the difference between CMHC branch rates and broker rates?

CMHC is broker-channel only — they do not sell mortgages direct to the public, so there is no retail rate to compare against. Their entire pricing comes through licensed brokers.

Does CMHC offer pre-approvals?

Yes — CMHC, like all major Canadian lenders, offers rate holds (typically 90-120 days) for pre-approved borrowers. We can submit your file to CMHC for a real underwritten pre-approval, not just a soft rate-hold. This means if rates rise you're locked, and if they fall most lenders honour the lower rate. Start your pre-approval here.

What prepayment privileges does CMHC offer?

Most major Canadian lenders including CMHC offer 15-20% annual lump-sum prepayment plus 15-20% payment-increase privileges per anniversary year. The exact privilege depends on the specific product family (insured/insurable/conventional) and term selected. We disclose the privileges and IRD calculation method up front so you know your exit cost before you sign.

What if CMHC declines my mortgage application?

As a broker we don't single-submit — if CMHC declines, we have 98+ other lender options across A-tier, alt-A, MIC, and private. We'll diagnose the decline reason (credit, income, LTV, property type, beacon), fix what's fixable, and re-strategize. A bank decline ends your bank application; with us, it's one route taken off the map and we pivot.

Pillar guides relevant to CMHC files

The First-Time Buyer Roadmap

Our most comprehensive first-time-buyer guide. Pre-approval to closing day, the FHSA + RRSP Home Buyers' Plan stack, 30-year insured amortization for first-time buyers, the stress test in plain English, and closing-day costs.

The Renewal Playbook

Your bank's first renewal offer is an opening bid. This playbook covers the 21-day federal notice rule, the lender early-renewal window (often up to 120 days), and how to compare your bank's offer against the market instead of auto-renewing.

The Refinance Decision Framework

Refinancing isn't always a win. This guide gives you the break-even method we use: penalty + fees vs. monthly savings, with three illustrative scenarios (rate drop, debt consolidation, equity take-out).

Related lenders

Same broker. Different lender appetite.

RBC Royal Bank TD Canada Trust Scotiabank BMO Bank of Montreal

Browse other lender tiers

Big-6 banks Other banks & direct lenders A-lender monolines Credit unions Alt-A / B-lenders Trust companies MICs + institutional private Reverse-mortgage lenders Private lenders

Editorial commitment

This page is an editorial profile written from our brokerage’s perspective. We are not employed by CMHC and receive no payment from CMHC for this content. We compensate-disclose: on A-lender files the lender pays our brokerage compensation, and we earn the same regardless of which A-lender funds your file — so our recommendations are rate-agnostic. Rates and program details are reviewed quarterly; last reviewed May 13, 2026.

Get the best-fit lender for your file.

A 5-minute pre-qualification. No credit check to begin. We compare 99+ lenders — including CMHC — and recommend the right one.

Questions first? Chat with Maya, our AI assistant, or call us.

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