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