DRHBA: Buy before mortgage loan insurance premium hike

April 17, 2015 8:22 PM

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DRHBA: Buy before mortgage loan insurance premium hike

If you are looking for a home, you may want to make your purchase this spring: The Canada Mortgage and Housing Corporation (CMHC) will be increasing their mortgage loans insurance premiums as of June 1.

Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment.

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