Mortgage News

Mortgage news & commentary from Lou Perrotta, CPMB

Mortgage Default Insurance Premiums To Be Increased

Canada Guaranty Mortgage Insurance Company, Canada Mortgage and Housing Corporation and Genworth Financial Mortgage Insurance Company Canada will increase the mortgage default insurance premiums that they charge, effective June 1, 2015.

How will it affect home buyers and home owners who will refinance existing mortgage and unsecured debt?

Home Buyers

CMHC, Genworth, and Canada Guaranty will be increasing their mortgage insurance premiums. In order to ensure your clients remain eligible for the current rate, we ask that you submit all applications for MERIX and Lendwise prior to May 27, 2015 11:59 pm EST. This deadline will allow sufficient time to process your application and submit it to the insurer.

We will do our best to process any requests submitted after the May 27th deadline, but cannot guarantee it. Any application received after the deadline will be subject to the new (higher) premiums.

Home Owners Who Are Refinancing Their Homes

For more information about the increase in mortgage insurance premiums, refer to the 2015 CMHC, Genworth, and Canada Guaranty websites for complete details.

If you’re considering home ownership, or thinking of refinancing current mortgage loans, or need to borrow more because you’re thinking of buying a higher-value home, feel free to call us to investigate all of the options that are available to you. Domus Financial Corporation. 416.605.5787.