Matt Padgett of Keystone Mortgage in Knoxville, Tennessee will help explain to you how lender paid mortgage insurance will benefit you.
Hi, Matt Padgett with Keystone Mortgage.
MORTGAGE INSURANCE
On a conventional loan, mortgage insurance is to be paid on a monthly basis. If you’re not putting down 20% or more on the home. This is traditional mortgage thinking. However, there are options available today that you can avoid monthly mortgage insurance by doing what is called “Lender Paid Mortgage Insurance”. This is accepting a slightly higher interest rate in order to completely eliminate monthly mortgage insurance. This can make a lot of sense if you plan on being in your house less than seven to ten years.
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