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Mortgage Default Insurance 

       

This type of insurance is required by institutional lenders that want to insure their loans against default. It is also mandatory when these lenders provide financing of 80% loan to value or higher to borrowers. It protects the lender in the event of a default by a borrower - and the premium is usually paid by the borrower.

 

Genworth and CMHC recently announced that the pricing for mortgage insurance premiums will be increasing. The new pricing will be applicable to mortgage insurance policies obtained from May 1st, 2014 onwards. 

 

What's changing?

Effective May 1st2014, the new premium rates for standard owner-occupied purchases are:

 

GENWORTH:

Loan-to-Value Ratio

Standard Premium (Current)

Standard Premium (Effective May 1st, 2014)

Up to and including 65%

0.50%

0.60%

Up to and including 75%

0.65%

0.75%

Up to and including 80%

1.00%

1.25%

Up to and including 85%

1.75%

1.80%

Up to and including 90%

2.00%

2.40%

Up to and including 95%

2.75%

3.15%

 

CMHC:

Loan-to-Value Ratio

Standard Premium (Current)

Standard Premium (Effective May 1st, 2014)

Up to and including 65%

0.50%

0.60%

Up to and including 75%

0.65%

0.75%

Up to and including 80%

1.00%

1.25%

Up to and including 85%

1.75%

1.80%

Up to and including 90%

2.00%

2.40%

Up to and including 95%

2.75%

3.15%

90.01% to 95% - Non-Traditional Down Payment

2.90%

3.35%

 

***Please note the above noted premium rates are for standard owner-occupied purchases. Premium rates will vary depending on program/product types. Please visit www.genworth.ca and www.cmhc-schl.gc.ca for more information. ***

 
For an informed, intelligent choice...
 

 

 co¬∑gent [ kṓjənt ]rationally persuasive: forceful and convincing to the intellect and reason. Compelling, conclusive, effective, satisfying.

 
 

 

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