NOTE: If your down payment exceeds 20%, the lender may still require you to purchase this insurance. III) If you make a down payment of 15% to 19.99%, you will pay a premium of 2.80% of the estimated value of the property. II) If you make a down payment of 10% to 14.99%, you will pay a premium of 3.10% of the estimated value of the property. I) If you make a down payment of 5% to 9.99%, you will pay a premium of 4.00% of the estimated value of the property. The amount of the premium will depend on the percentage you can put as a down payment: This insurance is usually provided by Canada Mortgage and Housing Corporation (CMHC) or another private insurer (such as Genworth Financial). If your down payment is less than 20%, your mortgage will be considered a high ratio mortgage and you will have to pay a mortgage insurance premium, which protects the mortgage lender in case you can no longer make your mortgage payments. The minimum down payment required is 5% of the estimated value of the property therefore, if no down payment specified it is assumed to be 5% of the estimated value of the property.
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