It is official the Mortgage Default Insurance premium has increased effective today June 1/2015 for those buyers looking to put down less than 10%
The premium has increased from 3.15% to 3.60%
All 3 insurers; CMHC, GE and Canada Guaranty have adopted the new increase for June 1/2015.
The increase really does not reflect as a huge increase to monthly carrying costs or approval ratios for a majority of home owners.
Purchase Price $300,000.00
5% downpayment =$15,000.00
+ CMHC premium @ higher 3.60% $10,260.00
=$295,360.00 Total mortgage
@ a standard rate of 2.69% 5 year fixed=$1350.77/month (vs the $1344.90 with the lower premium)
A difference of $5.87/month
With fixed costs generally slightly ever increasing with inflation it is important to have someone working for you to save you as much money and money in interest through the life of your mortgage as possible!
As your Saskatoon Mortgage Broker I am here to prepare your paperwork, get you the very best mortgage rate and to give you suggestions and advice on what rate or term would work best for you, your family and your future goals.
I am here to give you tips and advice on ways to payoff your mortgage faster without affecting your monthly cash flow and lifestyle.
Whether you are looking to PURCHASE, REFINANCE, RENEW or Consolidate Debt you are not tied to your current bank.
We offer the best rates up front allowing you the confidence that you are saving the most money in interest on your mortgage.
Your home & your mortgage are your biggest investments.
We offer 24 hour pre-approvals and 24-48 hour approvals on live deals (*that were previously pre-approved)
I invite you to visit my client testimonials & see what my clients have to say about my service.
Visit my website today and APPLY online or call my office at 306.933.3386
Have an amazing start to your JUNE!
Enjoy this sunshine!
Tammy Wandzura- Saskatoon Mortgage Broker