Just a reminder that the high ratio mortgage insurance premium increase is effective May 1st If you know someone who is thinking of taking out a high ratio mortgage (less than a 20% down payment) soon they will save money if they submit their application prior to May 1st. Here is a summary of the increases:

Loan to value (LTV) ratio Standard premium – single and progress advance Rental property premium (for CMHC insured only)
Up to and including 65% 0.60% 1.45%
Over 65% to 75% 0.75% 2.00%
Over 75% to 80% 1.25% 2.90%
Over 80% to 85% 1.80% Not applicable
Over 85% to 90% 2.40% Not applicable
Over 90% to 95%
The maximum LTV for 3‑4 unit owner‑occupied property is 90%.
3.15% Not applicable

Paul Croteau, AMP Mortgage Specialist BMO Bank of Montreal
Phone: (905) 321-3230 Fax: (905) 641-7854 Paul.croteau@bmo.com

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