CMHC Has increased their rates again. It’s the second time in about a year that CMHC has raised its fees on homeowners. CMHC’s move targets only those putting down less than 10%, which equates to $450 per $100,000 of mortgage.
Some quick notes for homebuyers:
- If your loan-to-value is over 90% and your lender submits your complete application to CMHC before June 1, 2015, you’ll pay the old (cheaper) CMHC fees. It doesn’t matter when your mortgage closes.
- Submitting a pre-approval as opposed to a complete application will not hold the old insurance premiums.
- If you borrow your down payment, the fee is another 5 basis points (0.05%) higher, or 3.85% of the mortgage amount.
- Effective June 1st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage loan insurance premiums will be:
|
Loan-to-Value Ratio
|
Standard Premium
(Current) |
Standard Premium
(Effective June 1st, 2015) |
|
Up to and including 65%
|
0.60%
|
0.60%
|
|
Up to and including 75%
|
0.75%
|
0.75%
|
|
Up to and including 80%
|
1.25%
|
1.25%
|
|
Up to and including 85%
|
1.80%
|
1.80%
|
|
Up to and including 90%
|
2.40%
|
2.40%
|
|
Up to and including 95%
|
3.15%
|
3.60%
|
|
90.01% to 95% — Non-Traditional Down Payment
|
3.35%
|
3.85%
|
Information courtesy of:
Regan Switucka
Mortgage Development Manager
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