Feds announce changes to CMHC insurance rates
March 4th, 2014
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 ...