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  • My Listings
  • Explore Annapolis
    • Places to visit >
      • Architecture
      • Alex Haley Memorial
      • Banneker-Douglas Museum
      • Eastport Walking Tour
      • Hammond Harwood House >
        • Pumpkin Walk
      • Lighthouses
      • Paca House & Garden
      • Maryland Inn
      • Naval Academy
      • Parks >
        • Dog Parks
        • Leon Wolfe Park
        • Quiet Waters Park
        • State Parks
      • Severnside Farm Tour
      • St Anne's Church
      • Tiffany Stained Glass
      • State capital building
      • Wall Murals >
        • Design District Murals
        • Historic, Murry Hill & Eastport
        • Others Out & About
    • Events >
      • Annapolis Cup Croquet Match
      • Art Walk
      • Boatyard Beach Bash
      • Bourbon Bowties Cigars
      • C.R.A.B Cup
      • Crab Feast
      • Puppy Plunge
      • US Powerboat Show
      • US Sailboat Show
      • Waterfowl Festival
    • Runs
    • Holidays >
      • Memorial Day
      • Labor Day
      • Halloween
      • Christmas
    • Festivals >
      • Anne Arundel County Fair
      • Art in the Park
      • Beer & Wine Festivals
      • First Sunday Arts
      • Irish Festival
      • Homestead Gardens Fall Festival
      • Kegs and Corks
      • Maryland Seafood Festival
      • Renaissance Festival
      • West Annapolis Oktoberfest
    • Markets >
      • AA County Farmers Market
      • Annapolis Summer Garden Theatre
      • AA Medical Center Farmers Market
      • Diehl's Produce
      • DNR Farmers Market >
        • Annapolis Farmers Market
      • PA Dutch Farmers Market
      • 2017 Farmers Market Guide
    • Concerts & Shows >
      • All Saints Concert
      • Annapolis Town Center Concerts
      • Fast as Lightning
      • FOQWP Summer Concert Series
      • Middletons
      • Rams Head On Stage
    • Tours >
      • Ghost Walk Tour
      • Red Trolley Tour
      • Circulator
    • Places to stay
  • Gardening
    • Composting
    • Fruits and Veggies >
      • Apples
    • Gardening Clubs
    • Native Plants
    • Insects >
      • Friends or foe
    • Trees
    • Where to buy plants
    • Butterfly Garden >
      • Butterflies in Maryland
      • Location
      • Plants for Butterflies
      • Butterfly Life Cycle
      • Monarch Butterfly
    • Spring >
      • Seed Starting
    • Summer
    • Fall >
      • Preparing your yard for winter
      • What to Plant in the Fall?
    • Winter
  • Resources
    • Important Numbers
    • Maryland History & Resources
    • Schools >
      • Annapolis Public Schools
      • Private Schools
  • Blog
All About Annapolis

In The Know

Valuable insight and information for today's homebuyer.

What's Mortgage Insurance?

11/9/2016

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Mortgage Insurance: Insurance which protects the lender against default on a mortgage. Premiums are paid by the borrower.
 
Generally speaking mortgage insurance is charged to borrowers, who put down anything less than 20% on a purchase. Similarly, for refinances, if the amount financed is greater than 80% of the appraised value, some form of mortgage insurance applies. Traditionally mortgage insurance has been paid monthly by borrowers and included in their mortgage payments until the loan is paid down sufficiently to allow it to be removed. Historically this had been a one size fits all premium.

However, in recent years there has been competition among insurers for certain types of loans, and this allows us to “shop” mortgage insurance premiums among companies. Not all lenders have the ability  to do this, so it may be a good idea to ask your loan officer what the mortgage insurance options are. In addition to being able to shop for the lowest rate, there are other alternatives as well, such as lender paid mortgage insurance. This is insurance which is paid by the lender all at once up front, and is financed through the borrower paying a slightly higher interest rate. In most cases this leads to a significantly lower monthly payment.
 
A good loan officer can walk you through the options you have regarding mortgage insurance. If you have questions, please feel free to call me!

Holly Hart – Loan Officer, NMLS ID 219868
For more info contact 410-984-8692 or hhart@southerntrust.com



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    Author

    As a mortgage lender, Holly has been helping her customers purchase and refinance their homes for over 20 years! Whether you are a first-time homebuyer, a “move up” buyer, or even downsizing, she provides valuable information and expertise to aide you along your home buying journey.

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