Home Buying in Porterville>Question Details

James Lacros…, Home Buyer in Porterville, CA

i am putting 20% down and still my broker says i will have to pay the ins, true or not?

Asked by James Lacrosse, Porterville, CA Thu Nov 1, 2012

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4
Yes no PMI if doing 20% conventional but always need home insurance especially for times like when Sandy runs through
0 votes Thank Flag Link Thu Nov 1, 2012
If you're talking about Private Mortgage Insurance (PMI)... most lenders will not require PMI if you put 20% down.
0 votes Thank Flag Link Thu Nov 1, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Which insurance?

Homeowner's insurance: Yes.

Mortgage insurance: No.

Ask your agent for clarification.

Hope that helps.
0 votes Thank Flag Link Thu Nov 1, 2012
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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If you are asking do you have to pay for homeowner's insurance, the answer is yes. If it's a condo you need to get what's called an H06 policy to protect your belongings. These are mandated by the lender or HOA and are not covered in your down payment. I would look at it like when you buy a car - you still have to pay for insurance.
0 votes Thank Flag Link Thu Nov 1, 2012
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