Canada Housing and Mortgage Corporation (CMHC) has announced that it will raise the mortgage default insurance premium it charges the borrowers with small down payments (normally 5% to 20%). If you buy a home after May 1st and do not have more than 20% down payment then
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CMHC reported lower mortgage default rate for the last quarter. Arrears rate went down but there is no news if the premium will go down? Probably CMHC’s risk is not that closely associated with arrear rates. Following are some interesting stats from CMHC’s last quarterly results.
Read more →Genworth reported 13% higher income in 2012, compared to 2011. The majority of the reported income did not come from insuring mortgages of debt laden Canadian homeowners but it came from investments. According to its report – Its investment portfolio had a market value of $5.4
Read more →Today Genworth reported that the new Canadian Protection of Residential Mortgage or Hypothecary Insurance Act (“PRMHIA”), which will come into force from January First, 2013 – will establish a legislative framework and will replace the current guarantee agreement with Government of Canada Genworth has. The new regulation
Read more →There are many insurance options available for a mortgagor. Most of us already know about the default insurance, but there are more. In Canada a large amount or foreclosures (power of sale) happen due to loss of income or death. To stay protected against those odds of
Read more →We already know that when you are going to buy a property using a mortgaged loan with less than 20% down payment, then you have to pay an insurance premium. We also know that these all default insurance is done just to get you the best (Prime)
Read more →We wrote last time about mortgage life insurance and many aspects of it. As we walk further down the path and meet new people we discover more about the industry and many contributors in it. Apart from the big lenders who offer mortgage insurance, insurance companies also
Read more →While I was browsing for car insurance costs and the underlying principle of rating then I stumbled across this web site – Insurance Bureau of Canada. What I really liked about this web site is it provides with wealth of information on various cars insurance governing ratings.
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