It has been announced today CMHC has decided to raise their mortgage insurance premiums.
Here are the 4 main takeaways:
1. This will increase the average purchaser with less than a 20% downpayment to have an increase in payment of approx $5 dollars a month as of May 1st 2014
2. This will affect any pre approval where the mortgage itself has not funded prior to that date.
3. This will not impact any already funded mortgages.
4. Genworth & Canada Guarentee 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.
Working together with The Angela Calla Mortgage Team we will always ensure you save the most amount of money possible & receive timely information to help with clarity on your plans.
For the information straight from CHMC read : http://www.angelacalla.ca/blog_post?id=10591
If you have any questions on this change for you or someone that you care about The Angela Calla Mortgage Team is always a phone call 604-802-3983 or email away email@example.com to help.
Angela Calla, AMP
Dominion Lending Centres-Angela Calla Mortgage Team
Host of The Mortgage Show Saturdays at 7pm on CKNW AM980
Phone: 604-802-3983 Fax: 604-939-8795
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Reach my Team Chris Adkins & Denzil Anderson at 604-939-8777 & firstname.lastname@example.org