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Mortgage Broker News | 28 Feb 2014, 01:49 PM Agree 0
The effects of CMHC’s premium hike remain to be seen, but one industry expert believes it will not slow down the market.
  • Bob | 28 Feb 2014, 03:25 PM Agree 0
    For 90% & 95% LVR insured mtgs, the pmt increase on a $248k mtg is $4.84 ($5.00+/-)
    but at maturity of that 5yr term the outstanding mtg bal due to the increased insurance premium will be $852.79 higher. That amount spread out over 60 mths is $14.21 plus the extra $4.84 for a total increase of $19.05/mth ($19+/-)
    The real cost to the consumer is $19/mth and not $5/mth. Does it matter at the end of the day... Probably not!
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