CMHC to Increase Mortgage Insurance Premiums on March 17
CMHC (Canada Mortgage and Housing Corporation) will increase its homeowner mortgage loan insurance premiums effective March 17, 2017. Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. Lenders typically require mortgage loan insurance when a homebuyer makes a down payment of less than 20 %. The premium can be paid in full or spread out with monthly payments.
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