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Fee Increase For First Time Buyers With High Ratio Mortgages

Posted by Ron Neal on Thursday, June 4th, 2015 at 12:23pm.

Both CMHC and Genworth increased their premiums effective June 1,2015 for first time home buyers for those with less than 10% down payment.The actual increase is from 3.15% to 3.60%. The result is that the monthly payment for the insurance for an average $300,000 mortgage increase by $4.50 per month to $36.00 from $31.50.When you break it down it's clear to see that in itself we should not expect this increase to have any significant impact on the market.

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The Neal Estate Team

The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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