What do the increase in CMHC fees mean to me?
RE/MAX nova - Merv Edinger & Associates
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You may have heard that the cost of purchasing a home is going to increase as of June 1st due to an increase in CMHC fees. DO NOT FRET! There is no need to abandon your dream of home ownership. You can still buy a new home. The truth of the matter is that the increase only affects a few people in the entire marketplace.
• If you read through the article fully, you will notice that the increase only applies to those buyers with less than a 10% down payment.
•CMHC is not the only mortgage insurer out there! So if you fall into the smaller percentage of people, such as many of the first time home buyers, who do not have a 10% or more down payment, your lender ( mortgage broker ) can apply to Genworth financial for mortgage insurance.
•CMHC has been slowly trying to back away from supplying mortgage insurance but are attempting to do so in a gradual manner so that other insurers & the public have time to adapt. The Real Estate & Mortgage industry, & those that closely follow both industries, have been aware of this fact for several years now.
For more on getting started in the home buying process, contact Merv Edinger & Associates.
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