CMHC to hike mortgage insurance premiums May 1
CMHC is increasing its premiums for homebuyers with less than 20% downpayment on new applications submitted on and after May 1, 2014....depending on the loan amount this works out as $5-20/month cost to borrower. No word yet whether the other two insurance companies Genworth & CanadaGuaranty will follow suit.
Premiums will still be lower than they were in 2003. Read the storyHERE
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