Attention members! CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment.
Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments.
If you are looking to buy a home and have any questions about how you may be affected by this new increase, please give our offices a call. Our Mortgage professionals can walk you through the process and help you get into that new home!
If you have any questions please call out offices at 416-238-5606.
For even more information please visit CMHC`s website.
