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Terri Trask
BROWSE
PARTNERSHow Your Mortgage Amount Is Calculated
12/27/2022
When you purchase a home, you typically require financing to complete the purchase (unless you buy the home in cash). 💰
You give the lender a down payment, which counts as equity in your home.
The remainder is given to you in a mortgage (essentially a large loan). 🏠
If your down payment was between 5 and 19.99% the lender will add default insurance to your total mortgage amount. 🏦
A simple calculation for this would be:
Purchase price - down payment + default insurance (if applicable) = total mortgage amount ✅
📞 780-518-7908 or 250-219-2323
📩 terrik@paragonmortgage.ca
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