Monday, January 30, 2017

Understanding the upcoming increase to Mortgage Insurance Premiums

Are you putting less than 20% down to purchase your home?  If your answer is yes, please contact Amy Wilson today as the mortgage insurance premiums are set to increase on March 17th/2017.

How this will effect you: see an example chart below:

Down payment between 5% and 9.99%
Loan Amount$150,000$250,000$350,000$450,000$550,000$850,000
Increase to Monthly Mortgage Payment$2.82$4.70$6.59$8.47$10.35$15.98
Based on a 5 year term @ 2.94% and a 25 year amortization 

Down payment between 10% and 14.99%
Loan Amount$150,000$250,000$350,000$450,000$550,000$850,000
Increase to Monthly Mortgage Payment$4.94$8.23$11.52$14.81$18.10$27.98
Based on a 5 year term @ 2.94% and a 25 year amortization

Down payment between 15% and 19.99%
Loan Amount$150,000$250,000$350,000$450,000$550,000$850,000
Increase to Monthly Mortgage Payment$7.06$11.75$16.46$21.16$25.86$39.96
Based on a 5 year term @ 2.94% and a 25 year amortization

Contact Amy Wilson with any questions you may have and feel free to click here for more information from CMHC!

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