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BREAKING: CMHC announces increase to insurance premium rates
In an
announcement made earlier today, the cost of CMHC insurance will increase,
starting on March 17th 2017. For buyers with the minimum 5% down
payment, the premium will rise from 3.60% to 4.00% of the total loan amount. It
is assumed that Canada's other two insurers, Genworth and Canada Guaranty,
will likely also follow suit. If you are currently pre-approved and
looking for a home, you will need to write an offer on a property prior to the
March 17th deadline to avoid the premium increase.
If you
have any questions, please drop me a line!
In an
announcement made earlier today, the cost of CMHC insurance will increase,
starting on March 17th 2017. For buyers with the minimum 5% down
payment, the premium will rise from 3.60% to 4.00% of the total loan amount. It
is assumed that Canada's other two insurers, Genworth and Canada Guaranty,
will likely also follow suit. If you are currently pre-approved and
looking for a home, you will need to write an offer on a property prior to the
March 17th deadline to avoid the premium increase. 
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