[SumAznGuy]

Originally Posted by Hehe

It's based on bank's calculation when processing your mortgage application. They factor the CMHC (or actually apply for such insurance) in if needed.

Say your home is 1M (in both price and how bank values it), you put 200k down and carries an 800k mortgage, no CMHC needed from bank viewpoint.

You are up for renewal, your home is now worth 800k (again, both price and how bank values it), and you have paid down say 50k over the course of 5yrs, so you still need to borrow 750k on mortgage, with 800k in equity. From bank's perspective, it means that now you only have 6.25% of assets/down payment/equity in this mortgage (50/800). So, they could potentially qualify you for a renewal, assuming you still pass their test, but they would apply CMHC as your equity no longer satisfy the condition to go without CMHC.

Depends on who you get your mortgage from, but this is what RBC and TD say.
As long as you stick with the same lender as your first mortgage.
If you try to shop around, then you will need to re-qualify.

Mortgage Renewal Options - RBC Royal Bank

No re-qualification required : If you're renewing an RBC Royal Bank mortgage, you don't have to re-qualify at renewal time.

http://www.td.com/to-our-customers/t...Cvid=b0f2ff01d

Each lender will have their own policies regarding mortgage renewals. But, at TD, if a mortgage borrower has maintained their household payments, i.e. mortgage, property taxes, utilities, home insurance, in good standing throughout their current term, then most often at renewal, we will offer renewal options without needing for the borrower to re-qualify for the mortgage.