Effective May 30th,2014 CMHC will limit the availability of homeowner mortgage loan insurance to a maximum of one residential property per borrower or co borrower at any time. CMHC is also discontinuing its self employed without third party income validation mortgage insurance product effective May 30,2014.
Effective May 1,2014 mortgage insurance premiums are increasing. To be eligible for the current premium rates,applications for both purchase and refinance mortgage insurance must be submitted to CMHC prior to April 29th, 2014. Any applications submitted on or after April 29th,2014 will be subject to the new premium rates.
purchasers beware..its not just the rate that matters when it comes to your mortgage..the prepayment privileges are key. The BMO 2.99 rate has limited prepayment privileges unless you sell your home. Consumers quickly find that additional added features are typically removed from these products. These include your ability to prepay, to port your mortgage, to have someone assume your mortgage, or add or remove someone from the title.