Today Jen Sopinski from National MI is here to help us answer some questions about mortgage insurance.
Today begins the launch of a whole new series all about mortgage insurance (MI). To help us kick off the series and answer some important questions, we brought in mortgage insurance queen Jen Sopinski from National MI.
What is mortgage insurance?
There’s a common misconception that people have that you still need 20% down to purchase a home—that’s simply not correct. Mortgage insurance allows anyone putting less than 20% down to still be able to buy property.
What does MI cover, and who does it protect?
Mortgage insurance covers the mortgage as well as whoever is servicing that loan (i.e., the lender). If the consumer goes through default, the lender is protected throughout that process.
For any questions that we at Gold Star Mortgage Financial can answer, feel free to reach out to us. We hope to hear from you soon!