New CHMC Mortgage Rules

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.



No comments

Post Your Comment:

Your email will not be published
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.