YOU ASK:

How to tell if a home buyer purchased mortgage insurance?

WE ANSWER:

The simple answer to this is that if you bought your home for less than 20% then chances are, you as a home buyer already purchased mortgage insurance. In the first place, the bank will require you to get mortgage insurance before they will approve of your mortgage.

You can also take a look at your closing papers since the details of the mortgage insurance, as well as the insurance payments for these.

The mortgage insurance allows home buyers to make the purchase of a house, without having to wait to accumulate the 20% down payment.

Was this question and its answer useful?
Not a bit
  • Currently 0/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Very useful
Have a question about insurance? Ask the experts
Share: