Feds announce changes to CMHC insurance rates

The Federal Government just announced changes to CMHC (Canada Mortgage and Housing Corp) insurance rates on new mortgages under 20% downpayment.  These rates will take effect on May 1, 2014. An example would be on a 5% down payment, the new insurance fee will be 3.15% of the gross mortgage borrowed.  The insurance fees are not required to be paid up front, but will be rolled into the mortgage and paid back over the life of the mortgage.  To see the full article, please visit http://goo.gl/lHLfBz