Mortgage Insurance 101

Buying a home is a main component of the American dream. We grow up thinking about our ideal home, the one we get to create for ourselves. As we get older, the logistics of making that dream a reality complicate things. Dependent on the area where you live, the cost of living can provide significant financial barriers to acquiring the home of your dreams.

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Sometimes, even with an excellent job and ample savings, you still find yourself short of an adequate down payment. So, do you give up on the dream? Do you keep putting money away, hoping that you will have enough someday soon? In the meantime, you are likely spending a significant portion on your income on rent that does not get you closer to owning. So, maybe you are looking to options to get into that dream home sooner.

 

Good news! Mortgage insurance can help! Contrary to popular belief, you do not need the full 20% as a down payment. With mortgage insurance, the lender providing you with a loan has more security. They are guaranteed their money if you were to default on the loan. This insurance assists you in qualifying for a loan that you might not otherwise be able to. The cost of the mortgage insurance is often added to your monthly payment. Let Insuravita connect you with the mortgage insurance provider that will help make your dreams come true.

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