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The Insurance Premium is paid once, at the
time of closing, and may be added onto the mortgage or paid
separately. The premium rate varies from 0.50% to
6.0% of the mortgage amount
depending on the size of your down payment. To calculate
the premium, multiply the mortgage amount by the premium
rate. Premium
Rates for Purchases:
|
Loan to Value Ratio |
Standard
Premium |
Self Employed
Premium |
|
 |
|
Up to
65.00% |
0.50% |
0.80% |
|
65.01 -
75.00% |
0.65% |
1.00% |
|
75.01 -
80.00% |
1.00% |
1.64% |
|
80.01 -
85.00% |
1.75% |
2.90% |
|
85.01 -
90.00% |
2.00% |
4.75% |
|
90.01 -
95.00% |
2.75% |
6.00 |
|
Free Down Pmnt |
2.90% |
N/A |
Premium
Rates for Refinances:
|
Loan to Value Ratio |
Standard
Premium |
Self Employed
Premium |
|
|
|
Up to
65.00% |
0.50% |
1.50% |
|
65.01 -
75.00% |
2.25% |
2.60% |
|
75.01 -
80.00% |
2.75% |
3.85% |
|
80.01 -
85.00% |
3.50% |
5.50% |
|
85.01 -
90.00% |
4.25% |
7.00% |
|
90.01 -
95.00% |
4.25% |
N/A |
|
Free Down Pmnt |
N/A |
N/A |
Amortization Options:
- Maximum 35 years
- Insurance for all of our extended amortization
products will include a 0.20% premium surcharge for
every 5 years of amortization beyond the traditional
25-year mortgage amortization period
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