Mortgage default insurance – premiums going up March 17

February 1, 2017 | By | Add a Comment

Mortgage default insurance - premiums going up March 17 | CanadianMortgageCo.com | Ingrid Bjel McGaughey | Toronto Mortgage Broker

Save on mortgage default insurance before March 17!

We’re all looking to save a little money – every little bit helps. If you’re planning to buy with less than 20% down, you have to get mortgage default insurance, because your mortgage is considered a high ratio mortgage.  Canada’s biggest insurer of mortgages, CMHC, recently announced that their premiums are increasing for the third time in as many years, and Genworth and Canada Guaranty, Canada’s other two insurers, immediately followed suit.  The increase takes effect March 17, so if you’re planning to buy soon, that’s the date to beat.  Our February issue of “Your Home & Mortgage” has the details for you. Click here to read more…

Boost your down payment

Act before March 1 to boost your down payment! First-time home buyers can take advantage of Canada’s Federal Home Buyers’ Program (check out my posts about other first-time homebuyer programs that are available, here), which allows you to borrow from your RRSP for a down payment. This is a great option to increase your down payment, but be sure to read the fine print. Click here to read more…

Looking to catch up on previous mortgage newsletter issues?

For the full set of previous issues of Your Home and Mortgage, check out my blog here.

And don’t hesitate to contact me if you have any questions or want to explore how these changes impact you.  I’m happy to help.

Filed in: Canadian Mortgage News, First Time Homebuyer, Purchase | Tags: , , ,

About the Author (Author Profile)

I'm a Toronto Mortgage Broker. My focus is on saving people time and money in financing and re-financing their homes. Am passionate about helping people make informed choices, giving back, and helping to improve financial literacy in Canada.

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