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Mortgage Insurance Premiums Are Increasing March 17th, 2017

CMHC has announce effective March 17th insurance premiums will be increasing slightly.  To the average consumer purchasing a house with a mortgage of $350,000 that is insured, 5.0% – 9.99% downpayment  the monthly payment will increase by approximately $5.00.   Consumers putting a down payment of 10% – 14.99%  for the same mortgage size will see an increase of about $11.52 per month. We do not anticipate this will have a significant impact on the average consumer purchasing a home.    Please speak with your Mortgage Tree Advisor for further details.

Loan size as % of home price

Old fee

New fee

65%

0.6%

0.6%

75%

0.75%

1.7%

80%

1.25%

2.40%

85%

1.80%

2.80%

90%

2.40%

3.10%

95%

3.60%

4%