If you’re buying a house and plan on putting less than 20% down payment, the answer is YOU.
(Mortgage Insurance is often referred to in the industry as “MI”)
Some conforming home loans with less than 20% down do offer “No MI” or Lender-Paid MI. That option can be advantageous if you only plan to be in the home before the MI would have a chance to be removed.
Mortgage Insurance is utilized with low down payment mortgage options, and the rate varies by the type of loan program. The most common in 2019 are:
Although, not technically MI, VA Home Loans and USDA Loans do have similar fee structures under another name:
So that you are aware, MI appears under many names in the financing industry:
Contact us to find out more about your mortgage insurance options
Roccuzzo Mortgage Group w/ Barrett Financial Group