Mortgage insurance (MI) is something that was probably forced it upon you. It may have been necessary at the time, however, it may not be necessary to any more. With a conventional loan, by federal law, MI drops off when the loan is paid down to 78% of the original sales price. With FHA, depending […]
Why do I Need Mortgage Insurance?
September 3, 2012 by
Mortgage Insurance – M.I. or no M.I. – that is the question What is it ? – Insurance that pays the lender in the case of default (non-payment)… that the borrower pays for. Why would I want it ? – It’s not likely that you would elect to pay Mortgage Insurance you had a choice. […]