Effective immediately, CMHC is lowering mortgage loan insurance premiums for loans with less than 10% down payment from 3.25% to 2.75%, and for its Flex Down product from 3.40% to 2.90%. On a mortgage of $200,000 this change means a savings of $1,000 for consumers.
For any deal closing today and onwards that involves a down payment of less than 10% down or Flex Down, clients will receive a rebate for part of their insurance fee in the mail.
We are still determining if GE will match these new insurance fees.
Further details can be found at CMHC's website: http://www.cmhc-schl.gc.ca/en/News/nere/2005/2005-04-22-1115.cfm
Andrew Moor
Invisian
416-622-6363, ext 150 |
