CMHC Increasing Insurance Premiums Effective March 17, 2017
CMHC Increasing Insurance Premiums Effective March 17, 2017
Breaking news!
CMHC ( Canada Mortgage and Insurance Corporation) is hiking mortgage insurance rates for the third time in three years (LTVs affected are 75% and greater) . Premiums are effective March 17, 2017.
At 80% LTV the premium almost doubles from 1.25% to 2.40%, this will greatly affect the monoline lenders who pay this premium for their clients in order to securitize mortgages.
To those potential clients sitting on the fence to make a decision regarding buying a property , this may affect you sooner than later .
TO EXISTING HOME OWNERS : THIS RULE DOES NOT AFFECT YOU !
Any questions, please let us know!