CMHC Insurance Rates Going Up!
Posted by Marv Beer on
Are you considering a home purchase in the next few months? Will you be obtaining a "high ratio" mortgage with at less than 10% of the purchase value as a downpayment? If so, here's something you'll need to know.
The Canada Mortgage and Housing Corporation (CMHC) has announced their mortgage default insurance (MDI) rates are going up on June 1, 2015 for mortgages where the downpayment is less than 10%.
The Canadian Real Estate Association (CREA) reports "For the average Canadian homebuyer with less than a 10% down payment, CMHC premiums will rise by 0.45% to 3.6% which translates into an increase of $5 in monthly mortgage payments; for those with a “non-traditional” down payment of less than 10%, premiums will increase by 0.5% to 3.85%, or about $6…
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