× Our work Why it's free Our clients About us Our calculators Our tips & tricks Our rates Application Contact us Alert Career

CMHC mortgage insurance premiums have been increased.

January 17th, 2017, the CMHC announced an increase in their mortgage insurance premium rates as of March 17th 1st of this year.

This means that if you submit your insured financing to your financial institution after March 17th, 2017, your mortgage insurance will be higher.

Here below are two examples:

1) $300,000 purchase with 5% cash down, i.e. $15,000
Insurance premium BEFORE March 17th, 2017 : 3.60% = $300,000-$15,000 = $285,000 x 3.60% = $10,260
Insurance premium AFTER March 17th, 2017: 4.00% = $300,000-$15,000 = $285,000 x 4.00% = $11,400


2) $300,000 purchase with 5% non traditionnal* cash down, i.e. $15,000
Insurance premium BEFORE March 17th, 2017: 3.85% = $300,000 -$15,000 = $285,000 x 3.85% = $ 10,972.50
Insurance premium AFTER  March 17th : 4.50% = $300,000 -$15,000 = $285,000 x 4.50% = $12,825


Below is a table of all the changes.

tablean-en

Don’t hesitate to contact us by phone, email or social media for more information on these changes.

*Non-Traditionnal Down Payment: Any source that is arm’s length to and not tied to the purchase or sale of the property, such as borrowed funds, gifts, 100% sweat equity, lender cash back incentives.

The content of the present website is protected by copyright which is the exclusive property of Mortgage Planners – Mortgage Agency .

Subscribe to Newsletter

RATES OF

2024-03-27 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.99%
5 Years Fixed 6.84% 4.89%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.19%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 5.04%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

Sign up for our alerts and receive one of the following:

  • Our Tip of the week, and/or
  • Our Monthly summary of our tips, and/or
  • 2-4 emails a year on major changes in the field, and/or
  • Renewal; 3 emails 8 months, 6 months, 3 months before the end of your mortgage loan, and/or
  • Tips and tricks for buyers; sequence of 24 emails over 24 weeks

In addition to receiving the information, you will have access to our calculators, our rates and our contact information.

Let us orchestrate the details of your mortgage!