Mortgage Insurance 101: What Buyers Should Know

Mortgage insurance is basically your lender’s security blanket. It’s a policy that protects the Mortgage Lender in case you stop making payments on your loan.

It’s typically required if your down payment is less than 20% of the home’s purchase price. While it does add a little extra to your monthly mortgage payment, it’s what makes buying a home possible for a lot of people without having to save up a huge down payment first.

The good news? Once you build enough equity in your home, you can often request to remove mortgage insurance — which means a lower monthly payment for you.

Not sure how long you’d have to carry it, or what your options are? Purchasing a home in Kansas City, or anywhere in the state of Kansas? Chat with a Loan Officer at KCity Mortgage — we’ll help you figure it out.