Wednesday, March 26, 2014

Mortgage Insurance Premiums on the Rise!

Canada Mortgage and Housing Corp (CMHC), Genworth Canada, and Canada Guaranty have announced that they will be increasing mortgage insurance premiums effective May 1st, 2014.

As a result of these changes, we will be making modifications in the Expert Mortgage Origination system to ensure that the proper premium amount appears in the mortgage application.  
If the application is submitted to the Mortgage Insurer prior to May 1st, 2014, the current (lower) premium will apply regardless of the closing date. The increased premium rates will be effective for new mortgage loan insurance requests submitted on or after May 1st, 2014.

If you are planning on buying a home this Spring with less than 20% down payment please contact me today! 778.388.4240 or laura@cleverlending.com