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Old 04-02-2015, 03:39 PM   #1
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB
Default CMHC Raises Premium AGAIN - Target Homebuyers < 10% Down Payment

CMHC announced that they are increasing the Premium for Homebuyers with less than 10% down payment.

Increase from 3.15% to 3.60%

The new rates go into effect June 1 and mean mortgage default payments for people with 10% down or less will increase by 15%. The premium in that category will rise to 3.6% of the value of the mortgage from 3.15% which CMHC says amounts to about $5 on a monthly mortgage.

NOTE - Currently this is only affecting Mortgages Submitted to CMHC. No word from Genworth or Canada Guaranty... yet.

Full Article - Canada Mortgage and Housing Corp takes aim at homebuyers with less than 10% down
Tim Lacroix | 403-648-1541
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