A surety bond’s cost can be influenced by several factors, primarily the risk associated with the specific bond type. Applicants who need low-risk bonds, such as notary bonds, can expect to pay a low, instantly approved rate. Applicants looking for bonds with greater risk, such as mortgage loan originator bonds, receive pricing after a credit review.
Pending underwriting consideration, standard market rates typically fall between 1%-3% of the required bond amount. For example, a $10,000 vehicle dealer bond usually costs just $100-$300 providing the applicant qualifies for a standard market.
The best way to determine your exact surety bond cost is to consult a surety expert. You can request a free quote online instantly, or call 1 (800) 308-4358 to speak with an experienced bond specialist. Choose SuretyBonds.com to ensure you get the surety bond you need in Michigan for the lowest available rate.