CMHC to Raise Mortgage Insurance Premiums

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Effective May 1, 2014, CMHC will increase mortgage insurance premiums for residential homeowners and 1-4 unit rental properties. The new premiums will apply to mortgages underwritten on or after May 1, 2014, and will not affect mortgages already in existence.

CMHC stated in a news conference that it should increase the mortgage amount by $5 per month for the average Canadian. There is good news for homeowners, as CMHC has indicated there shouldn’t be any major effect on the housing market.

This could be a great time to buy if you’re thinking about a new home. If you submit a new mortgage before the May 1^st deadline, it could add up to savings down the road! Another way to avoid the new premium is by putting 20 percent or more towards your down payment.

If you’re thinking of buying or selling, please call The Mark Faris team direct at 705-797-8485. We’re ready to go Full Out For You!™

For more information on CMHC Mortgage Loan Insurance Premiums, please visithttp://cmhc.ca/en/co/moloin/moloin_023.cfm.

It's only fair to share...