Fees Incorporated Into Mortgage: Lender Fee· 0.5% - 1.5% Broker Fee· 1% of the overall lending· ;
CMHC MLI Select Program Cost Breakdown
Dated: February 4 2025
Views: 158
Fees Incorporated Into Mortgage:
Lender Fee
· 0.5% - 1.5%
Broker Fee
· 1% of the overall lending
· $2500 broker deposit required upfront
CMHC Insurance Fee
· 2.8%
Upfront Fees:
Appraisal
Approximately $3000 - $5000 (dependent on project size)
MLI Application Fee
$200 per door
Environmental Phase 1
Lender dependent requirement
CMHC Interest Rate Lock Fee - refunded at closing
0.5% - 1%
Due with commitment letter signing
Closing Fees:
Lawyer Fees
~$3,000
Includes both the buyer & lender lawyer fees
Mortgage Registration Fee
$2,000 - $5,000
Documents Required for Broker:
· Incorporation Documents – please include certificate, registration, articles, and minute book
· 2 Pieces of ID – for all shareholders and Directors
· Organizational Chart and share %
· Background on each shareholder and director
· Real Estate Portfolio – attached – filled out and sent back
· Architectural plans on the properties – with plans for garage, and basement suites
· Bank statement – for personal and business for all shareholders (they can send it to me individually)
· Mortgage Statement - for personal, for all shareholders (they can send it to me individually)
· Property Tax Assessment – for personal, for all shareholders (they can send it to me individually)
· Appraisal
· Sale Purchase Agreement
· Property Manager Information (profile)
· Builder profile
· Bonding Waiver Form (comes from the builder, if you’re doing a draw CMHC)
· Net Worth
SUMIT MEHRA
Sumit Mehra is a Philanthro-Investor, Realtor®, and Founder of MultiIQ Consortium — a premier alliance of Canada’s top multifamily builders and professionals. With over 10 years of rea....
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