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!