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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