- INDUSTRY NEWS -
COMMON MISCONCEPTIONS
are now offering credit-tiered mortgage
insurance where a better credit score
Mortgage insurance protects the
lender against loss in the event that the equals better rates. Different mortgage
insurance payment types are another
borrower defaults. The borrower pays
the premium, but the lender receives the reason rates may vary. The most
common are where the borrower
protection. Mortgage insurance has no
connection to any kind of life insurance, makes monthly payments. Others can
be paid up front or in full, and others
and pays no benefits to borrowers.
are lender-paid. Lender-paid loans are
FACTORS AFFECTING MORTGAGE
funded through a higher interest rate,
INSUR ANCE R ATES
which the borrower then pays.
Mortgage insurance rates can vary
widely. The main factors depend on
HOW CAN I END MY MORTGAGE
INSUR ANCE PAYMENTS?
the premium, how much of a down
There are various ways a borrower can
payment is made and most recently, a
end mortgage insurance payments.
borrower’s credit score. Many insurers
SELECT LIVING
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2015 EDITION - ISSUE 1