|Follow Me On:
|Paul and Sarah Scheper
MBA, CSA, CRMP, SRES, EIEIO
License: NMLS #110538
What Is Mortgage Insurance and How Does It Work?
Mortgage insurance protects the lender in the event you default on the loan. In return, the lender agrees to provide a higher mortgage amount to cover the additional down payment needed. Mortgage insurance can be included in your new monthly payment, paid by the lender in return for a higher interest rate, or paid upfront. The rates used to calculate mortgage insurance are based upon debt-to-income ratio, credit, and how much down payment you will need to meet the 80% loan-to-value requirement, or 20% down.
Below describes common types of mortgage insurance:
Bottom line: Remember, in addition to mortgage insurance, there are several ways to purchase a home without a 20% down payment. If you are interested in exploring mortgage insurance as an option, talk with your loan officer to see which types work best for you.
Source: Mortgage Market Guide
You are receiving a complimentary subscription to YOU Magazine as a result of your ongoing business relationship with Paul and Sarah Scheper. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.
INVITE A FRIEND to receive YOU Magazine. Please feel free to invite your friends and colleagues to subscribe.
SUBSCRIBE to YOU Magazine. If you received this message from a friend, you can subscribe online.
UNSUBSCRIBE: If you would like to stop receiving emails from Paul and Sarah Scheper, you can easily unsubscribe.
|MBA, CSA, CRMP, SRES, EIEIO
999 Corporate Drive, Suite 100
Ladera Ranch, California 92694
Powered by Platinum Marketing
© Copyright 2024. Vantage Production, LLC.