CMHC Raising Insurance Premiums!!

Breaking News:

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.

More details at : http://m.theglobeandmail.com/report-on-business/cmhc-to-raise-mortgage-loan-premiums-may-1/article17159342/?service=mobile

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

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