Reminder to Realtors
Insurers' premiums increasing June 1, 2015 - deadline fast approaching. Get your clients' offers accepted by May 27th.
The Canada Mortgage and Housing Corporation (CMHC), Genworth Canada and Canada Guaranty will be increasing their homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment.
The premiums for these homebuyers will increase to 3.6% of the mortgage amount, up from 3.15%, up by approximately 15% effective June 1, 2015. Click here for the complete CMHC press release.
Most mortgages lenders will honour the current premiums for homebuyers with less than a 10% down payment for all applications received up to about mid-week (say no later than Thursday May 28, 2015), which allows time for them to process the incoming deal.
We will do our best to process applications received after 5:00 pm PST May 27, 2015 but prior to June 1, 2015, however we cannot guarantee it. If you have any questions please contact me.
