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What is a High-Rate Mortgage?

April 26, 2017high-rate mortgage

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What is a High-Rate Mortgage?

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A mortgage which is greater than 80% of the purchase price or appraisal, whichever is less, is known as a High-Ratio mortgage. A High-Ratio Mortgage requires mortgage loan insurance. Premiums for a mortgage loan insurance can range from 0.5% to 2.75%, depending on the value of the mortgage.