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July 15, 2003
CMHC Reduces Mortgage Insurance Premiums


Effective July 14, 2003, Canada Mortgage and Housing Corporation (“CMHC”) has again made home ownership more affordable for people by reducing its premiums on mortgage insurance by 15%.  Users of CMHC’s insurance products (including home buyers or those refinancing their homes with a mortgage in excess of 75% of the appraised value of the home) will benefit significantly.  For example, on a mortgage of $100,000.00, the announced reduction in premiums totals $500.00 based on a 5% down payment.


 
 




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