If you are thinking about buying in the near furture and plan to have less then 20% down we recommend giving us a call.
It will cost more for a CMHC insured mortgage starting March 17, 2017. Now is a great time to connect with any clients sitting on the fence to help save the extra costs before the increase takes effect.
To give you an example, for clients looking to use the new BC Home loan for part of their down payment, the premium is jumping from 3.85% to 4.50%. For a purchase of 500k the mortgage looks like this today:
$500,000 - 5% ($25,000)= $475,000 + 3.85% ($18,287.50) = $493,287.50
On March 17 it looks like this:
$500,000 -5% ($25,000)= $475,000 + 4.50% ($21,375)= $496,375
The full schedule of increases can be found here:
The above was provided by:
A Member of the Verico Broker Network- 2016 Winner Broker Network of the Year
Dreyer Group Mortgages #308-15252 32nd Ave, Surrey, BC V3Z 0R7
Phone: 604 536 8400. Cell/Text: 604 518 2383. Fax: 604 535 9413. Apply Online http://www.mortgageweb.ca/Lynn