21 January 2011
The main thing here is that you shouldn’t increase your loan amount or the amortization term.
Yes, CMHC has allowed qualified borrowers to switch lenders if their insured mortgage is over 80% LTV for a long period of time. The question of increasing loan amount or amortization depended on the new lender. In this case you can switch lenders even with 95% LTV or higher.
But, unfortunately, some lenders don’t want to deal with such mortgages if LTV is over 90-95%. So it’s better to consult your mortgage broker to see what’s best for you.