Williams Lake Real Estate and Tanya Rankin Discuss The Announcement By CMHC To Increase Fees
Tanya Rankin: Hi it’s Tanya Rankin in Williams Lake. A lot of you have probably already heard that CMHC is going to be increasing their fees. For a lot of people I don’t even know if they completely understand what CMHC is or how it pertains to their mortgage but whenever you go for a mortgage with 5% and down or 95% were lending. The bank has to have that mortgage insured so you may go to your regular financial institution or mortgage broker you get your financing approve there but they actually have to then take it to another level and make sure that it is an insured mortgage so Canada Mortgage and Housing Corporation is one of the people and one of the main people that do that. Anyhow, that fee that they charged is based on the amount that you take your mortgage out for and it’s tact on your mortgage in the way of an insurance premium that you pay in order to be allowed to borrow that money. So as of May 1st they are increasing that rate roughly they increasing it by about 20% which sounds like a lot but in all reality its at 2.75 right now and it’s gonna go up to about 3.15 so it isn’t a huge huge difference and for an area like ours probably it’s gonna make roughly somewhere in around of $3 dollars to $10 dollars extra per month on your payment. If you have any questions send me an email anytime to email@example.com and I hope you have a fantastic week!