My name is Kip and I have spent my career helping people save money on their mortgages. Over the years I have talked with many people about how to save money both with their mortgage and in their everyday lives. Now I am bringing my years of knowledge to you. Each week I will bring you a new money saving tip to help you keep more of your hard earned dollars in your pocket. Tune in weekly and if you or anyone you know needs help financing or refinancing your Wisconsin home please contact me.

Wednesday, April 23, 2014

Mortgage Insurance Defined






              


Text From Video

 Money Saving Minute #039 - Mortgage Insurance Defined
Kip Warzon
Kip Warzon     NMLS 289451
Mortgage insurance is a policy that is required by a lender when a buyer less than 20% down payment or a home owner has less than 20% equity in their home.  To be clear, mortgage insurance does not protect the property.  Mortgage Insurance is in place to insure that the lender does not lose money should a borrower default on their loan. 

If you are currently paying MI you should contact a qualified lender to see if there are other options available.  Your lender may be able to explore refinance options that will eliminate the monthly mortgage insurance payments even with less that 20 percent equity.  

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