The cost of Mortgage Insurance
The cost of mortgage insurance will depend on the total amount of the loan and the percentage of the down payment that it will account for. On the average, however, charges will amount to about .05% of the loan. If you are Let's say you put down 10% or L20,000 on a L200,000 house. The lender multiplies the remaining 90 percent of the total property value, or L1800,000, by .005. The result is an annual of L900, which is divided into monthly payments of L75.00.
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