mortgage insurance: Time to Drop Your Mortgage Insurance
- 02/06/23 08:36 AM
Most people are trying to find ways to save money these days. One expense you may not have thought about is your mortgage insurance. If you purchased a home and put less than 20% down, chances are you may have a mortgage insurance premium wrapped up in your mortgage payment. Some of you may wonder if you need mortgage insurance? You do not! Mortgage insurance does not protect you, it protects your lender. When you put less than 20% down, most lenders require you to pay for mortgage insurance to protect them in case of default.
Mortgage insurance may go away on … (2 comments)
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Most people are trying to find ways to save money these days. One expense you may not have thought about is your mortgage insurance. If you purchased a home and put less than 20% down, chances are you may have a mortgage insurance premium wrapped up in your mortgage payment. Some of you may wonder if you need mortgage insurance? You do not! Mortgage insurance does not protect you, it protects your lender. When you put less than 20% down, most lenders require you to pay for mortgage insurance to protect them in case of default.
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