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Thursday, February 16, 2012 - Mortgage Insurance

Often, if the down payment on your new home is less than 20 % of the purchase price, insurance is required to mitigate risk. As an estimation guide only (please verify actual amounts and logistics with a licenced Mortgage Broker), the cost of this insurance ranges from about 2.75% for 5% down, 2.00% for 10% down and 1.95% for 15% down. Insurance is typically waived for down payments above 20 %.   Remember to include these costs when looking to buy your next house!

posted in General at Thu, 16 Feb 2012 18:56:01 -0700

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