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How much does mortgage insurance cost, and how are premiums paid?

April 26, 2017COST mortgage insurance paid premiums

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How much does mortgage insurance cost, and how are premiums paid?

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Private mortgage insurance amounts to only a small fraction of your total housing cost, typically about 7/10 of one percent of the loan amount per year. The amount of mortgage insurance coverage required varies by lender and by loan type; therefore, contact your lender for a specific price quote based upon the details of your loan. Borrowers usually pay the premiums to their lenders as part of their monthly mortgage loan payment. Often the first premium is paid when the mortgage loan closes, and thereafter the premium may be a small part of the monthly mortgage payment. Genworth offers a variety of mortgage insurance premium payment plans that are designed for maximum affordability and convenience.