Many Central Oregon first time home buyers and even experienced home buyers have no idea what mortgage insurance is. Why would they, mortgage insurance is not something that benefits the buyer and so there is not much talk about it.
Some of the common misconceptions of mortgage insurance are; that it pays the mortgage when a homeowner is unemployed, sick or even death. Mortgage insurance does NOTHING for the home owner. Mortgage insurance is all about the bank, it insures the top 20% of a loan to the bank that provides the funds for your home. If you plan to use a loan which requires less than 20% down payment your can bet you will be paying mortgage insurance, with a few exceptions. Check out this video from Home Loan Ninjas – once again they explain your mortgage needs in a way that makes it easy to understand.
Looking for a mortgage professional? I would encourage you to contact;
Jason or James – your Home Loan Ninjas
at 503.799.4112 or you can visit their website and see more info about mortgages and what you should expect.