First-Time Homebuyers Incentive Changes: What You Need to Know
D Fritz Appraisals
JUNE 15, 2021
Your mortgage must also be eligible for mortgage insurance through Canada Guaranty, CMHC or Sagen (previously known as Genworth.) . The mortgage insurance premium is based on the loan-to-value ratio of the first mortgage only. If that home’s value increases to $300,000, your payback will be 5% of the current value (or $15,000.).
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