CMHC Insurance Premium to Increase on June 1, 2015
The CMHC insurance premium changes are occuring on June 1st, 2015. There is good news and bad news.
The Bad News
The CMHC mortgage insurance premium will increase by 14.3% for those homebuyers that are placing less than 10% down payment. The current insurance premium is 3.15% of the loan amount. After June 1, 2015, the new premium will increase to 3.60% of the loan amount.
The Good News
The good news is that all other loan to values will remain unchanged! EIE. If you have more than 10% down payment, the insurance premium remains unchanged.
If you or someone you know is looking to purchase a home wiht less than 10% down payment, please make them aware of this increase!.
Please call me at 416-457-8801 or email me on any mortgage matter at mpoon@MortgagesMadeEasy.biz