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% |