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Down Payment Increase affects CMHC Insurance

CMHC

Last May 1, 2014, the Canada Mortgage and Housing Corporation, also known as CMHC, announced that there is an increase on their mortgage insurance premiums. The default mortgage insurance is also called CMHC insurance. Through the changes made by Canada Mortgage and Housing Corporation to their default mortgage premium, buyers are required to pay at least 5 up to 19.99 % down payment when planning to buy a home. Changes to the CMHC insurance can greatly affect those people who want to buy a house through mortgage.

 

However, the problem is that most people are now aware of changes in the CMHC insurance. This change can relatively affect desire of many people in Canada to get mortgage and acquire the property that they want to have. Aside from the high down payment rate, some people are having a hard time because of CMHC failed to inform many people about the changes in CMHC insurance. Proper information dissemination is an important factor so that people can also adjust and adapt to this recent change in the policy made by CMHC.

 

The big problem is that home many mortgage business owners and mortgage customers in Canada will understand this recent change in the CMHC insurance. It is important that many mortgage customers in Canada understand the effects of down payment to your CMHC insurance. For sure, the impact of the change in the down payment will also affect the monthly payments and its interest. Disseminating information to all mortgage customers and mortgage brokers in Canada is a very important factor to maintain public loyalty and trust. To acquire more answers and details about recent change about down payments and its impact to your CMHC insurance you can use a mortgage payment calculator so that you can acquire estimated down payment calculation.

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