Mortgage insurance makes it possible for home buyers to make a smaller down payment – lower than the typical 20% of the purchase cost. If you’re in the process of buying a home, a lender may require that you get mortgage insurance. You’ll still qualify for a home loan, but your insurance protects the lender in case you default on the loan.
At Insurdinary, we help potential homeowners find the best rates on mortgage insurance so that they can still qualify for a home loan – and pay a smaller down payment up front.
BPMI is the most common form of mortgage insurance. With this type, you pay a monthly fee along with your mortgage payment.
Once the loan is paid off, you continue to pay BPMI until you have 22% equity in your home – at which point, your BPMI is canceled (as long as you are up-to-date on your mortgage payments).
GET QUOTESOnce the loan is paid off, you continue to pay BPMI until you have 22% equity in your home – at which point, your BPMI is canceled (as long as you are up-to-date on your mortgage payments).
