Important news for 1st Time Buyers - CMHC to increase fees June 1, 2014

Effective June 1, 2015 CMHC will be increasing the Mortgage Loan Insurance Premium for homebuyers with less than 10% Down Payment. Currently, the premium is 3.15%.  

After June 1, 2015 it will be 3.6%.

On any new loan requests submitted on or after June 1, 2015, the new Insurance Premium will apply.  Buyers with greater than a 10% down payment will not be affected.  For more detailed information, here is the link from CMHC.

Click onto this link for more info..........


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