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» Insurance » Do you have to get mortgage insurance when buying a house.
memberPosted by WELDER 10 views.

Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?


isn't mortgage insurance for if you die, the loan will be paid off? if so wouldn't life insurance do the same, so why is mortgage insurance needed. Must you have it or is it just a option?
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1 Comments :

member1 by tonalc1 10 years ago.
You have to have PMI; it's to protect the lender, not you.

Most, but not all, lenders will remove their PMI requirements if:

1. The loan to value ratio on your loan is 80% or less. (Some require 75% or another LTV).
2. You have made your payments on time for two years.
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Tags : Get*(14114), Mortgage*(576), Insurance*(40306), Buy*(5041), House*(2232)

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