What the upcoming increase to mortgage loan insurance means for you (2015 Apr)

What the upcoming increase to mortgage loan insurance means for you (2015 Apr)

 

 View this video by the Globe and Mail to see what the cost of the CMHC premium increase is going to mean to people who have a down payment of less than 10%.

 

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      Are CMHC and Genworth’s mortgage insurance fee hikes targeting first-time buyers?
      The Financial Post,   April 6, 2015

"Canada's largest private mortgage default insurer raised its premiums Monday, adding to the financial burden for buyers with less than a 10% down payment – usually first time homeowners.

The move by Genworth Canada, which matches an increase announced Thursday by Canada Mortgage and Housing Corp. will raise insurance costs by 15% for those Canadians with the highest debt value mortgages allowed by Ottawa."

… read more …

 

 

 

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