C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg

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Canada Mortgage & Housing Corp. increasing rates

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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg General Market Info Latest Posts Time-Sensitive
English: Main entrance of Building “A”, Canada Mortgage and Housing Corporation headquarters, Ottawa, Ontario, Canada (Photo credit: Wikipedia)

Canada Mortgage & Housing Corporation, one of the major insurers of non-conventional mortgages, just announced a significant hike in their rates.  While the good news is that these fees are usually worked into the mortgage (meaning no large, up-front payment for the home buyer), these hikes will still hit many first-time home and condo buyers HARD.

The biggest increases, percentage-wise, will be affecting home buyers who can least afford it.  Buyers with only 5% down, and purchasing a home in the $160,000 dollar range will be facing a 14.5% increase in CMHC fees.

Here is an example of the fee hikes as they affect anyone who needs a 95% mortgage  (5% down payment)

C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg General Market Info Latest Posts Time-Sensitive

 

Since these rate increases don’t take affect until May 1st, 2014, home and condo buyers might feel pressured to buy something before that date.  The announcements seems to indicate that a mortgage application must be submitted prior to May 1st, 2014 to qualify for the old fees, regardless of what the ‘closing date’ or possession date will be.

Anyone thinking of or condo should consult with their mortgage professional.  If you would like a referral to a mortgage specialist or mortgage broker, at a bank, credit union or mortgage brokerage, please call me right away….   Bo Kauffmann  (REMAX)  204-333-2202

For the full CMHC press release, see this:

Canada Mortgage & Housing Corp. announces increase in fees for May 1st, 2014 by Bo Kauffmann

C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg General Market Info Latest Posts Time-Sensitive

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DrNotley
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/EyYPsKcXEp via @bokauffmann

dollysekhon
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/0iVnSu0GkC via @bokauffmann

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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/76EtwatK6y via @bokauffmann

bokauffmann
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#Winnipeg realestate C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg https://t.co/PjggXoQm3N

winnipeg_rt
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RT @bokauffmann: #Winnipeg realestate C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 #Winnipeg https://t.co/PjggXoQm3N

LoansCanada
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/HhIqK5wwku via @bokauffmann

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FunInRealEstate

RT @LoansCanada: C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/HhIqK5wwku via @bokauffmann

NicoleBodwin
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/mjDZnfppku via @bokauffmann

whinbest
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/slGGdavcnH via @bokauffmann

StellaSamson
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C.M.H.C. announces fee hikes of up to 14% for May 1st, 2014 https://t.co/VEShEyoKh8 via @bokauffmann