mortgage broker bond

[max1673]

Can anybody tel me how do ones pay for a surety bond?
Do you pay it monthly like an insuranceor else?

[Admin]

Bonds are not paid in installments like insurance. Your bond premium will be paid in full for a minimum of one year. Some sureties offer discounts if you prepay for 3 years.

[max1673]

what's the minimum of amount of money ones can pay for a mortgage broker surety bond of $10000?
Can somebody tell me,(If the premium is paid in full)

[Admin]

The minimum premium varies depending on:

• Business Financial Statement (if available)
• Personal Finacial Statement of Owner(s)
• Personal Credit of Owner(s)
• Amount of Bond
• Surety that writes it
• State requiring bond

I can't specifically discuss rates for you, for that you need to obtain a quote online. Rates typically vary from 1-15% of the amount of the bond depending on the above.