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HomeStreet Bank - Banking, Credit Cards, Home Loans & Auto Loans

What do I need to know about Mortgage Insurance? | HomeStreet Bank

What do I need to know about Mortgage Insurance?

Mortgage Insurance - what's that all about?

Mortgage Insurance (MI) is typically required to purchase a home with a Loan-To-Value (LTV) ratio greater than 80%. In other words, MI is required when a borrower’s down payment or equity position is less than 20%. MI provides lenders with protection against loss in case the borrower defaults on the loan.

MI can be paid in a few different ways:

There are different types of MI, each of which comes with benefits and drawbacks. Be sure to talk to your Loan Officer to see which type of MI will work best for you:

All loans subject to approval.

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To learn more, contact a home loan expert.

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