What is mortgage insurance and am I required to have it?
Mortgage insurance also know as Private Mortgage Insurance(MI) or (PMI) is paid by the borrower to protect the lender against payment default on the mortgage and is required when only one lender is financing in excess of 80% of the value or purchase price of a property. It can also be required at other times if the lender perceives a higher risk associated with a particular loan program. There are financing options limited down payment borrowers can employ to avoid mortgage insurance for example, obtaining both a 1st and a 2nd mortgage rather than where the first mortgage is no more than 80% of the sales price or value of the home. Boulevard Mortgage Company can provide you with 1st & 2nd mortgages if this is an option you are considering.
Mortgage insurance (MI) is paid by the borrower to protect the lender against payment default on the mortgage and is required when only one lender is financing in excess of 80% of the value or purchase price of a property. It can also be required at other times if the lender perceives a higher risk associated with a particular loan program. There are financing options limited down payment borrowers can employ to avoid mortgage insurance for example, obtaining both a 1st and a 2nd mortgage rather than applying with one lender for a 1st mortgage over 80.00%. Please see the Down Payment Options section on our website.
Mortgage insurance (MI) is paid by the borrower to protect the lender against payment default on the mortgage and is required when only one lender is financing in excess of 80% of the value or purchase price of a property. It can also be required at other times if the lender perceives a higher risk associated with a particular loan program. There are financing options limited down payment borrowers can employ to avoid mortgage insurance for example, obtaining both a 1st and a 2nd mortgage rather than applying with one lender for a 1st mortgage over 80.00%. Please contact a mortgage specialist at LHA Mortgage Services for more information.
Mortgage insurance (MI) is paid by the borrower to protect the lender against payment default on the mortgage and is required when only one lender is financing in excess of 80% of the value or purchase price of a property. It can also be required at other times if the lender perceives a higher risk associated with a particular loan program. There are financing options limited down payment borrowers can employ to avoid mortgage insurance for example, obtaining both a 1st and a 2nd mortgage rather than applying with one lender for a 1st mortgage over 80.00%.
