Mortgage Insurance Premiums Increase May 1st, 2014

5 Feb    Mortgage News

Increases in CMHC & Genworth Loan Insurance Premiums

 

February 2014: Effective May 1st, 2014 CMHC and Genworth are increasing their homeowner mortgage loan insurance premiums. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed, and 1-to-4 unit rental properties. What does this mean to you? For the average home buyer, the increase will result in an increase of about $5 to the monthly mortgage payment.

The increases will be as follows:

Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
90.01% to 95% – Non-Traditional Down Payment. CMHC only. 2.90% 3.35%