Everyone was worried yesterday in regards to the announcement that came today. The announcement has happened and it is not as bad as people were thinking. Let me start of by saying that any current approved deals via CMHC all the way till April 30th, 2014 will be at the old premium rates...even if it does not fund by April 30, 2014. It just has to be approved in the system (although if it has to go back to CMHC there is a chance that the premium would increase at that time). Either way, if you currently have an approval with your broker or bank that is already CMHC approved, the premium will not increase. Any new mortgages approved May 1st, 2014 going forward will be subject to the new premiums. Those new premiums are not too insane, and equate to about $5 more per monthly payment for all mortgages with less than 20% down payment. Please see some actual numbers & Release via CMHC, by clicking on this link: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014...
Updating you in regards to the ever changing mortgage trends! Great Mortgage Rates & Products! Thinking outside of the Box!!