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