CMHC to Increase Mortgage Premiums
As of May 1st, 2014 the Canadian Mortgage and Housing Corporation will be increasing mortgage loan insurance premiums for homeowners.
Things you should know:
- CMHC mortgage insurance is required when homebuyers make a down payment of less than 20% of the purchase price
- Mortgage insurance premiums may increase by up to 15% on average as of May 1st, 2014
- Secure a home before May 1st, 2014 to take advantage of today’s current premiums
Questions about CMHC and current Mortgage Rates? We can help!
Our Sales Team are well versed in today’s mortgage approval process & Canada’s mortgage insurance program, often referred to as CMHC. If we can’t help you, we also have friendly mortgage specialists available to help.