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What is Mortgage Insurance?

brkshelley

Whether you're a first-time homebuyer or looking to refinance, mortgage insurance could be a key part of your home-buying journey. Here’s what you need to know:⁠


What is Mortgage Insurance? It’s designed to protect your lender in case you're unable to make your mortgage payments. If you're putting down less than 20% on a home, you'll likely need mortgage insurance.⁠


Why It's Important:⁠


Protects your lender, making it easier for you to qualify for a mortgage.⁠

If you're purchasing a home with a down payment less than 20%, it’s mandatory.⁠

It allows you to buy a home with a smaller down payment.⁠


How Much Does It Cost? Mortgage insurance premiums typically range from 0.6% to 4.5% of the loan amount, depending on your down payment and mortgage amount.⁠


Remember: Mortgage insurance isn't the same as home insurance. It covers the lender, not you. But it’s still a vital step toward homeownership!⁠

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