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Avoiding Mortgage Insurance

If you haven't heard of mortgage insurance then you are probably looking to buy your first home. Most home owners have had to pay mortgage insurance at some point, but it's not something that you want to do any longer than necessary.

 

Mortgage insurance protects the lender, not you. Basically, if you don't have a large down payment, you’ll have to pay the insurance premiums to protect the bank in case your home ends up in foreclosure.

 

So how can you avoid paying mortgage insurance?

 

Watch the video below to learn how to avoid extra premiums

There are typically 3 ways to avoid paying  mortgage insurance

 

  1. Put down at least 20% for your down payment
  2. Request that the Mortgage insurance be removed once you have 20% equity
  3. Get “no mortgage insurance” financing

 

Keep in mind that “no mortgage insurance” financing has additional fees and that you usually have to ask to have the insurance removed once you have 20% equity. The bank usually won't do this on their own.

 

Have any questions? Contact us below!

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The Critchfield Group

121 E. Election Rd,

Draper, UT, 84020

 

The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2016 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.