Mortgage Loan Insurance If you have a high ratio mortgage (less than 20% down payment), you may need mortgage loan insurance. To get this insurance, you will be asked to pay the required insurance premium. The Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums. As with any insurance, there are insurance premiums to be paid. The amount of the premium varies and can range between 0.65% and 2.75% depending upon how much of the purchase price/home value is financed with a mortgage loan.While great care has been taken to ensure the accuracy of the information provided throughout www.philiphollett.com and www.waterdownhomes.com, Philip Hollett does not assume liability for decisions based on the information provided or related to the information provided. Philip Hollett E&OE. |
