CMHC REDUCES HOMEOWNER MORTGAGE LOAN INSURANCE PREMIUMS
Canada Mortgage and Housing Corporation (CMHC) is pleased to announce reductions in homeowner mortgage loan insurance premiums by 15%, effective July 14, 2003
Over the years, CMHC mortgage insurance products have responded to the changing needs of Canadians. CMHC introduced innovations such aspurchasing a home with just 5 per cent down, financing renovations at the time of purchase and most recently the opportunity to refinance up to 90 per cent of the equity in the home, to provide homeowners with greater choice and home financing flexibilities. The premium for mortgage loan insurance is based on the amount of the Loan, in relation to the value of the home. The premium may be paid in cash or added to the mortgage.
The following are the new premiums: