My situation
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- Where
- Home price$
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Which rate tier are you in?
Lenders price in three tiers: insured, insurable and uninsured. A bigger down payment doesn't always get the lowest rate. See your tier and whether you can move to a cheaper one.
You're likely in the
Insurable tier
20%+ down and eligible for insurance but not insured. No premium; the rate is usually between the other two tiers.
Possibly cheaper options
- The insurable tier can cost more than insured. Putting a bit less down (under 20%) adds a premium but may get a lower rate; let us quote both and compare total cost.
- Compare written quotes for the same term and tier, not the lowest advertised rate (usually the insured tier).
General rules: lenders define and price insurable loans differently (some treat over $1M as uninsured). Written quotes are what count.