If you put down less than 20%, the answer will probably be “Yes.”
Even if the mortgage insurance is “lender paid,” it’s likely passed on as a cost built into your mortgage payment, which increases your rate and monthly payment. You’ll want to know just how much mortgage insurance will cost and if it’s an upfront or ongoing charge, or both.
Always ask the lender what your options are. The answer may be just, “Make a bigger down payment.” Or you may find there are other loan programs that you might qualify for that don’t require mortgage insurance.
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