Anonymous
Posted on: 26th Jul, 2005 09:20 pm
want to know about mortagage loan insurance. Any help?
Hi Rosaline
Welcome to the forums.
Mortgage Loan Insurance comes along with a high ratio mortgage, that is, which allows borrowers to acquire a mortgage greater than 75% of the purchase price or appraised property value, whichever is less.
The Mortgage Loan Insurance is provided by either Canada Mortgage and Housing Corporation or GE Capital, a private insurer. It protects the lender in case the mortgage is not paid off and the bank reclaims the property.
Borrowers benefit from this insurance by paying less than 25% down payment on the purchased property. This insurance is directly added to the mortgage amount.
The Mortgage Loan Insurance premiums range from .5% to 3.75% and are evaluated with respect to the overall loan to value ratio. The amount of premium depends on the down payment and on the loan-to-value ratio.
We hope that this information will cater to your needs.
Please feel free to give us your feedback.
Regards,
Jessica.
Welcome to the forums.
Mortgage Loan Insurance comes along with a high ratio mortgage, that is, which allows borrowers to acquire a mortgage greater than 75% of the purchase price or appraised property value, whichever is less.
The Mortgage Loan Insurance is provided by either Canada Mortgage and Housing Corporation or GE Capital, a private insurer. It protects the lender in case the mortgage is not paid off and the bank reclaims the property.
Borrowers benefit from this insurance by paying less than 25% down payment on the purchased property. This insurance is directly added to the mortgage amount.
The Mortgage Loan Insurance premiums range from .5% to 3.75% and are evaluated with respect to the overall loan to value ratio. The amount of premium depends on the down payment and on the loan-to-value ratio.
We hope that this information will cater to your needs.
Please feel free to give us your feedback.
Regards,
Jessica.
