Genworth Canada says it will be increasing the premium for some of its mortgage insurance, starting June 1, matching a move announced last week by Canada Mortgage and Housing Corp.
The rate will go up by 15 per cent for buyers who have a downpayment of 10 per cent or less.
Mortgage insurance provides protection for lenders who provide money to home buyers and owners. The homebuyer’s or owner’s premium is determined by several factors including how much is borrowed and how much the property is worth.
Read the full article HERE, published by The Canadian Press on