Take Advantage of Lower Premiums for Mortgages

Take Advantage of Lower Premiums for Mortgages

CMHC(Canada Mortgage Housing Corporation) & now Genworth have both hiked their default insurance premiums for people who only have 5% down payment. This is not happening until June 1st of this year though. So if you purchase a place this spring I would ensure the approval is given before this date. That way even if you take possession of your home after June 1st you should still be grandfathered at the old premium.
For more info take a read thru of the statement below as reported by
"Canada’s largest private mortgage insurer says it is matching CMHC’s increase in premiums for the highest risk loans. Genworth will increase its premiums by 15 per cent on June 1, 2015; that’s the same percentage and date as the federal agency. The new rate for a loan-to-value ratio up to 95 per cent is 3.6 per cent, up from 3.15. For a loan-to-value ratio from 90.01 to 95 per cent, but a non-traditional down payment, the new rate is rising from 3.35 per cent to 3.85 per cent."

If you have any questions please give me a call.



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