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Mortgage insurance premiums hiked once again

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Real Estate Professional | 17 Jan 2017, 09:36 AM Agree 0
CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17
  • R Carrol | 17 Jan 2017, 10:25 AM Agree 0
    Does any one know how many billions of dollars CMHC has sitting in the bank between government cash grab land transfer taxes HST CMHC fees I'm surprised any young family starting out ever can buy a house really government what do you do with tax payers money besides lie and do studies
  • R Carrol | 17 Jan 2017, 10:44 AM Agree 0
    They call it insurance with the only benifit is to the bank lending the money no protectection to the consumer god help you if you lose you job and can't make payments where is the insurance you make the payments for the bank they lend the money really at no risk to a high ratio mortgage the people that can least afford it are punished with high fees and long term debt added to mortgage because 99% can't afford to pay the CMHC fees up front why is government discouraging home ownership and sense of pride of community they say you can get a tax credit for first time home buyers a portion of land transfer and take it away with CMHC fees are system is broken needs to be fixed
  • Laura | 17 Jan 2017, 10:53 AM Agree 0
    You are right on the money !
  • e.harold | 17 Jan 2017, 11:06 AM Agree 0
    absolute rip-off - what happens if home is sold in 2 years - premium refund ???? added to mortgage - who reaps benefit - not the debt saddled consumer - oh no - big gov now has more money to waste - when do we stop being so gullible ???
  • Don J | 17 Jan 2017, 11:37 AM Agree 0
    this is definitely a rip off - on a 600,000 home with 20% down they just jumped the fee by 7,000$ yet what risk are they covering - we need an audit of heir books to see what their revenues to claims payout is -- there are way too many non claim expenses which need to be thoroughly reviewed plus the past profits paid out to the government need to be repatriated back into the equity account to generate investment revenue income ( which is what insurance companies do) to allow lower rates - its a mortgage insurance fund for the banks and the equity requirements are set in consultation with the banks - so the sheep continue to be fleeced but now they are milking the sheep also
  • | 17 Jan 2017, 01:01 PM Agree 0
    CMHC is the government, which means if there is a run of defaults we are the ones paying when the federal government has to bail them out. They have way more in insurance coverage than they have in the bank. I as a debt free consumer don't want my taxes to increase to cover defaults whenCMHC runs out of money when house prices start to decline and people start walking away from their mortgage commitments.
  • PeeGee | 17 Jan 2017, 05:40 PM Agree 0
    Why do the banks need insurance protection. They're "big boys"-they know what they're doing! If they have what they consider a rather "sub prime" borrower they can just charge her or him a higher interest rate. With CMHC they just keep lending more and more money, earning interest with no fear of loss whatever.And even the sub-primes can't always get a CMHC mortgage so not much risk taken is there! (Any idea how much CMHC costs us taxpayers?? This system needs work!
  • M. Ruhi | 18 Jan 2017, 12:04 PM Agree 0
    All the comments are absolutely right. Whatever you feel or say is NOT going to change anything. However, all can vent their anger here. The life is UNFAIR. The finance industry, the pharma, the armament industry, the media are way too strong. Their Lobbying (another fine word to cover BRIBERY) is legally allowed. Unfortunate and sad!!!
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