Financing in San Francisco>Question Details

Alison Hillm…, Other/Just Looking in San Francisco, CA

How does mortgage insurance work? Is it like auto insurance?

Asked by Alison Hillman, San Francisco, CA Thu Mar 7, 2013

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There's mutual mortgage insurance and private mortgage insurance. Mutual mortgage insurance would be associated with a government insured loan (like FHA for instance). If you're using private mortgage insurance, the most important thing to know about private mortgage insurance is that there are four types. The differences between these four types is outlined in the web reference below. Most of the time, single premium financed is the way to go.
2 votes Thank Flag Link Thu Mar 7, 2013
Hi Alison,

Not exactly.

It is a fee that you pay for to protect the lender in the case of your defaulting on your loan down to 78% loan to value.

The lender chooses which company to go with and there are no cute spokespeople like a Gekko!

If you have a more detailed questions, please give me a call or email.

Fred Glick

Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC

215.238.9400 East Coast
415.683.6950 West Coast

2043 Locust Street Phila, PA 19103 215.829.8850 x201
4354 Perlita Ave Los Angeles, CA 90039 310-741-7179

Licensed Real Estate Broker PA- U S Spaces, Inc.
Real Estate Broker, CA Dept of Real Estate DRE#01507615
NJ Licensed Real Estate Salesperson- U S Spaces

U S Loans Mortgage LLC #51022
Licensed by the Commonwealth of PA Department of Banking,
Virginia State Corporations Commission, License #MC-4943, State of Florida
California licensed with Signet Mortgage, NMLS# 168365, DRE#01403423
Personal Virginia Mortgage License #MLO-523VA
NMLS Test Certified National License #133975 for live rates and online mortgage application
Web Reference:
0 votes Thank Flag Link Thu Mar 7, 2013
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