What is Mortgage Insurance

Today's homebuyers have an incredible number of options at their fingertips when it comes to selecting mortgage insurance. However, not all mortgage insurance options are created equal. Your first step should involve asking questions and researching the options, and then deciding what is best for your personal situation.

First things first: What is Mortgage Insurance?

Mortgage insurance is a financial guaranty that insures lenders against loss in case a borrower defaults on a mortgage. Lenders usually require homebuyers to make a down payment of at least 20% of the home’s purchase price, which can mean years of patient saving – often hard for anxious borrowers. With mortgage insurance, homebuyers can get in a home faster with a lower down payment.

No Comments

• FHA Loan Orientation Guide

  over 40,000 Downloads

  Click here to Download

• "Non-Traditional" Homes Hard To Refinance

• 13% Of Homeowners In Default or Foreclosure

• 2010 FHA Reverse Mortgage Loan Limits

• 2nd Mortgage Loan Modification

• 3 Ideas That May Improve VA Loans

• 3 Things to Consider about Refinancing

• 30-Year Fixed Mortgage Rates Slide

• 4 Reasons To Choose Your Loan Officer Before Your Realtor

Loan Type Loan Category RefinanceNew Home LoanHome EquityDebt Consolidation

State Property State AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Property Type Property Type Single Family ResidenceMulti Family ResidenceCondominiumManufactured Home

Credit Rating Credit Rating ExcellentGoodFairPoor