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Stories Tagged - down payment
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April 08, 2015 | Nolan Matthias
CMHC increases likely to have little effect
Alberta registration changes are another story*
Canada Mortgage and Housing Corp. (CMHC) recently announced it would be implementing higher premiums for borrowers who have less than a 10 per cent down payment.
The move means Canadians seeking a mortgage with a loan-to-value ratio of up to 95 per cent will see their premiums jump about 15 per cent from 3.15 to 3.6 per cent. For those with a loan-to-value ratio from 90.01 to 95 per cent, their premiums will climb from 3.35 to 3.85 per cent.
The Crown corporation's move, which takes effect June 1, has since been matched by private-sector insurer Genworth Canada. Canada Guaranty, the country's third main mortgage insurer, had not made an announcement as of press time.
Canada Mortgage and Housing Corp. (CMHC) recently announced it would be implementing higher premiums for borrowers who have less than a 10 per cent down payment.The move means Canadians seeking a mortgage with a loan-to-value ratio of up to 95 per cent will see their premiums jump about 15 per cent from 3.15 to 3.6 per cent. For those with a loan-to-value ratio from 90.01 to 95 per cent, their premiums will climb from 3.35 to 3.85 per cent.
The Crown corporation's move, which takes effect June 1, has since been matched by private-sector insurer Genworth Canada. Canada Guaranty, the country's third main mortgage insurer, had not made an announcement as of press time.
