CMHC New Premium – Adam Jardine
As some of you know, on February 28th CMHC increased its Mortgage Insurance Premium. Here’s what it will mean to you when purchasing a home with a 5% down payment:
Loan Amount (Purchase Price) |
$150,000 |
$250,000 |
$350,000 |
$450,000 |
Current Premium |
$4,125 |
$6,875 |
$9,625 |
$12,375 |
New Premium |
$4,725 |
$7,875 |
$11,025 |
$14,175 |
Additional Premium |
$600 |
$1,000 |
$1,400 |
$1,800 |
Increase to Monthly Mortgage Payment |
$3.00 |
$4.98 |
$6.99 |
$8.98 |
These changes don’t take effect until May 1st, so if you are planning on buying in the spring, you may want to speed up your search and contact a Mortgage Broker to get you the best mortgage rates and think about closing a little earlier to save you money and avoid the increase.