Genworth follows CMHC with premium increases
Canada’s largest private mortgage insurer says it is matching CMHC’s increase in premiums for the highest risk loans. Genworth will increase its premiums by 15 per cent on June 1, 2015; that’s the same percentage and date as the federal agency. The new rate for a loan-to-value ratio up to 95 per cent is 3.6 per cent, up from 3.15. For a loan-to-value ratio from 90.01 to 95 per cent, but a non-traditional down payment, the new rate is rising from 3.35 per cent to 3.85 per cent.
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