The Skinny on Mortgage Insurance
Did you know that any time you put less than 20% down, loans will carry some form of Mortgage Insurance? This is true for all loans except for VA Loan products (another reason VA is a great option if you qualify for it).
Mortgage Insurance (or MI) can be paid either on a monthly basis, buried in the rate, or some times in one lump sum. There are different ways to pay your MI, but one thing is for certain, if you are putting less than 20% down on a home, you’re paying MI one way or another.
If you want all the ins and outs of MI, and what option might be best for your specific situation, email me Scott@GreenMeansGrow.com Or Download my app at https://svanvugt.mortgagemapp.com/#