It has been announced Friday CMHC has decided to raise their mortgage insurance premiums.
Here are the 4 main Points to Review:
1. The average purchaser with less than a 20% down payment could have an increase in payment of approx. $5 dollars a month as of May 1st 2014
2. This will affect any per-approval where the mortgage itself has not funded prior to that date.
3. This will not impact any already funded mortgages.
4. Genworth & Canada Guarantee will likely follow CHMC , they have not confirmed as of yet.
Its noteworthy CMHC has not raised premiums since the late 90’s and decreased their premiums back when Genworth decided to lower theirs a decade ago.
If you have any questions on this change for you or someone that you care about Dominion Lending Centres Westcor Team is always just a phone call away 403 228-7800