If you, or someone you know, are planning to buy a home this year and have less than 20% down payment, you may want to do so prior to March 17th. The Mortgage Insurance suppliers have announced their rates are going up because of recent government changes introduced Jan 1st that effectively increase the cost of offering the insurance product.
So take advantage of what typically is a slower real estate market in the winter months and save yourself some money.
What does this mean for you or your clients?
On a $400,000 mortgage, it will cost $1600 more if you need Mortgage Insurance (most mortgages over 80% loan to value)
*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax – the sales tax cannot be added to the loan amount. Based on a 5 year term @ 2.94% and 25 year amortization
As the table shows, the monthly payment increase might not seem large, but over the life of your mortgage, it will cost you thousands!
Call today to find out what options you have and what programs are available for you..
Visit us: http://www.centumfirst.ca | 647-267-6338