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When Can You Terminate Private Mortgage Insurance?
As we have discussed before, the popularity of relying on private mortgage insurance to buy a home is gaining popularity. Traditionally mortgage lenders have required home buyers to put anywhere from 10-20% down on a house in order to qualify for a mortgage. The introduction of private mortgage insurance has of course eliminated the necessity for such a large down payment.
Before you jump into a mortgage that includes private mortgage insurance you should understand a few things regarding the laws
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Why Mortgage Insurance Can Actually Save You Money
Mortgage insurance provides lenders a form of financial guarantee which protects the lender in cases in which the borrower defaults on a loan. For those looking to buy a home, agreeing to loan terms which include mortgage insurance, increases the purchasing power of the buyer a great deal. Agreeing to buy mortgage insurance allows individuals the opportunity to buy a home with a down payment of only 5%-10%, as opposed to the 20% that is often required when the lender does not have the guarantee of mortgage insurance.
Buyers typically purchase and pay for mortgage insurance
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