If you are “thinking” of buying it’s time to hop off the fence and put as much of your hard earned money to work as possible! Check out the table below to new CMHC rules that go into effect March 17th 2017. Please feel free to contact me for further details. I’d also be happy to put you in touch with one of my trusted mortgage broker partners!
CMHC is increasing its homeowner mortgage loan insurance premiums and the premium schedule is as follows:
|Loan-to-Value Ratio||Standard Premium (Current)||Standard Premium (Effective March 17, 2017)|
|Up to and including 65%||0.60%||0.60%|
|Up to and including 75%||0.75%||1.70%|
|Up to and including 80%||1.25%||2.40%|
|Up to and including 85%||1.80%||2.80%|
|Up to and including 90%||2.40%||3.10%|
|Up to and including 95%||3.60%||4.00%|
|90.01% to 95% Non-Traditional Down Payment||3.85%||4.50%|
CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted on or after March 17, 2017.
CMHC’s current premium rates will apply for applications submitted to CMHC prior toMarch 17, 2017 regardless of the closing date.