CMHC increases rates - don't panic, it's not too bad!!!

CMHC (Canada Mortgage and Housing Corporation) insures mortgages that are deemed high risk, generally meaning less than 20% down payment.  For a one time fee, usually added to the mortgage amount, the mortgage is insured for the lender so if an owner defaults on his/her mortgage payments, CMHC will pay out the bank and then collect from the owner.  The fee amount is determined by the amount of downpayment of the buyer, more downpayment, less fee.

Read all about it below:

http://www.cbc.ca/news/business/cmhc-hikes-mortgage-insurance-premiums-1.2555076

 

 





 

 

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