Deadline for higher mortgage default insurance premiums is knocking

Mortgage Default InsuranceCome June 1st, the cost of mandatory mortgage default insurance is going up by approximately 15 percent. If you are planning to purchase a home with financing above 90 percent loan-to-value (LTV), at today’s mortgage default insurance rates, you better act fast. To avoid getting hit with the higher insurance premiums, your request for mortgage default insurance must be submitted prior to June 1st. That’s nine more days, including today.

For the average Canadian homebuyer with less than 10 percent down, the higher insurance premiums represent an increase of approximately $5 to the monthly mortgage payment. The higher insurance premiums do not affect financing below 90% LTV.

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