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Premium Rates to Increase Effective June 1, 2015

Mortgage Insurance Premiums to Increase June 1, 2015

Effective June 1, 2015, Canada Guaranty will amend its mortgage insurance premium rates for homebuyers purchasing a home with less than 10% down payment.

  • The new premium rates will apply to purchase applications submitted on or after June 1, 2015, regardless of the closing date.
  • Premium rates applied to purchases made with a 10% or more down payment, will remain unchanged.

Effective June 1, 2015, the following premium rates will apply:

Loan-to-Value Ratio

Standard
(Current)

Top-Up
(Current)

Standard
(As of
June 1, 2015)

Top-Up
(As of
June 1, 2015)

Up to and including 65% 0.60% 0.60% 0.60% 0.60%
65.01 – 70% 0.75% 2.60% 0.75% 2.60%
70.01 – 80% 1.25% 3.15% 1.25% 3.15%
80.01 – 85% 1.80% 4.00% 1.80% 4.00%
85.01 – 90% 2.40% 4.90% 2.40% 4.90%
90.01 – 95% 3.15% 4.90% 3.60% 5.65%

Flex 95 AdvantageTM

(non-traditional down payment)


3.35%


4.90%

3.85%

5.65%

Canada Guaranty will continue to review its product offering, including all applicable premiums, on a yearly basis. Should you have any questions regarding these changes, please do not hesitate to contact me.

Thank you,

Mary Putnam | Vice President, Sales and Marketing
Canada Guaranty Mortgage Insurance Company

Telephone 416.640.8936
Toll Free 866.414.9109 ext. 8936
E-mail mary.putnam@canadaguaranty.ca

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