A typical Alberta homeowner pays over $3,500 annually in private mortgage insurance (PMI) when purchasing property with less than 20% upfront. This extra cost often catches buyers off guard, adding financial pressure during an already complex process. PMI becomes mandatory for most conventional loans when the down payment falls below one-fifth of the home's value. For a $400,000 property, that translates...
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- 1 year ago
- Real Estate Insights
