Indiana Real Estate Post

How to Do Away With or Not Have Mortgage Insurance

What is mortgage Insurance?           If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain mortgage insurance.  Mortgage insurance sometimes is referred to as private mortgage insurance, or PMI.  The cost of mortgage insurance varies depending on the size of the down payment and the loan.  With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary. The coverage protects lenders against default by the borrower. If a borrower stops paying on a...

November 12th, 2014 | mortgage insurnace, Mortgage Info, How to Do Away With or Not Have Mortgage Insurance

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