Is Mortgage Insurance Required Regardless of Your Down Payment?

Friday, 15 January 2021 by Stephanie Weeks

House, keys, and calculator on top of paperwork

Do you know what to expect when it comes to mortgage insurance as you work to become pre-approved for a home loan and eventually secure your home loan from a loan officer? In my last blog post, I touched on the basics of home loan insurance (read here!). In that post, I explained that you are

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How Much Mortgage Can I Afford?

Tuesday, 14 June 2011 by Stephanie Weeks

Calculating how much you can afford on a home mortgage is a lot more complex than calculating how much you can afford in rent. In the latter case, a third of your income is usually a good measure for the most you want to pay in rent. Where a mortgage is concerned, you have to

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What is Mortgage Insurance For?

Tuesday, 31 May 2011 by Stephanie Weeks

Simply put, mortgage insurance (also called “PMI” or sometimes simply “MI”) is designed to provide additional security for home mortgage lenders to ensure that they’ll be insured in the event of a default. The insurance doesn’t cover the homeowner: it covers the mortgage lender or banker. Mortgage insurance is a requirement for some mortgages and,

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