Do I need to purchase mortgage insurance?
Asked 6 months ago
Whether or not you need to purchase mortgage insurance depends on the specifics of your mortgage agreement. If your down payment is less than 20% of the home's value, then most likely you will be required to have mortgage insurance. This insurance serves as protection for the lender in case you default on your loan. However, if you have a down payment of 20% or more, mortgage insurance may not be required. It is always recommended to consult with a mortgage professional at PHH Mortgage Solutions to discuss your specific situation and determine if mortgage insurance is necessary for you.
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