(CMHC, Genworth and Canada Guarantee) have announced that they will be increasing their premiums
on March.17, 2017
Not all of the official rates have been released or confirmed yet, but we are expecting increases of anywhere
from 0.40% to 1.15% depending on the downpayment bracket, source of downpayment (standard or
non-traditional (borrowed) and if a specialty financing program is required for approval (new to Canada,
business-for-self clients using business income to qualify, etc.).
What does this mean to you the buyer?
-an increased premium to be paid
-lowered purchasing power, as premiums are built into mortgage financing and not paid in cash
-higher monthly payments with a higher final mortgage amount
If you or anyone you know of is thinking about buying and want to skip having to pay these higher premiums, NOW is the time to buy. Contact me today and i will get you in contact with the right Mortgage specialest to get it all started. With my team os specialest we will make sure the proocess is easy and stress free for you.