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New CHMC Mortgage Rules

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NEW CMHC MORTGAGE RULES START MARCH 17th
  
 
 
 
Homeowner mortgage loan insurance premiums are changing as of March 17. For the average CMHC-insured homebuyer, this means an increase of around $5 to your monthly mortgage payments.
  • Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment.  Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.

  • CHMC's new premium rates will be effective for new mortgage loan insurance requests submitted on or after March 17, 2017.  The current mortgage loan insurance premiums will apply for applications submitted to CHMC prior to this date, regardless of the closing date.  As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.

  • The changes do not impact mortgages currently insured by CMHC.
 
  
 
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