Home-buyers are required to pay what is known as “mortgage insurance” when they either have less than 20% equity in their home when refinancing or when putting less than 20% down on a home purchase on Conventional and Jumbo loans. Other forms and requirements for mortgage insurance exist for FHA, VA and USDA mortgages.
It is critical that you discuss all your mortgage insurance options with The HOUSE Team before you decide which mortgage plan is best for you. The different mortgage insurance options that you have and may not be aware of can result in very different mortgage payments.
Mortgage Insurance by Loan Type
Each home buyer’s situation is unique. The HOUSE Team can help you find out with Mortgage Insurance Plan is right for you. Call today for a no cost pre-qualification and mortgage insurance evaluation.