Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

CMHC fees

trev

0
Registered
Joined
Dec 31, 2007
Messages
101
I am having trouble with the CMHC fees not being correctly accounted for in the Financial Analysis & Proforma.
[list type=decimal][*]When I choose to have these fees added to the mortgage, it subtracts the Revised mortgage principle from the purchase amount, giving me a <negative> downpayment instead of the actual 5% or 10%. This in turn affects the closing costs and ROI calculation.As well the ROI calculation takes the mortgage paydown figure alone as profit instead of the actual remaining principle on the mortgage. On the property I am analyzing, REMA shows profit from mtg paydown of $11,000.+- in 5 years while in reality it takes until year 5 or 6 for the paydown to pay off the premium itself before it becomes a profit center (based on 5% down)[/list type=decimal]
 

GarthChapman

0
Registered
Joined
Aug 30, 2007
Messages
1,821
Hi Trev,

1. We have made the correction to the Lender fees impact on down-payment calculated by REMA in the Portfolio, and Brian is writing the same for the Analyzer. It`ll be uploaded in a few days. In the meantime just eliminate the CMHC fees and increase your mortgage payment by using the `over-ride payment` feature. That will get you the correct figures for your analysis.

2. Please send me all the figures involved by email to [email protected] so we can check the math of what you are reporting here. You could save the Financial Proforma report as a pdf and email it to me as it should have all we need within it.

Thanks,
 
Top Bottom