Private mortgage insurance is required for borrowers whose down payment is equal to less than 20% of the home's purchase price.
It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan.
The mortgage payment calculator includes estimated property taxes. The amount represents an annualized tax based on the home's
value. Your actual property taxes may vary from the amount shown.
Lenders require insurance to provide damage protection for your home and personal property from a variety of events, including
fire, lightning, burglary, vandalism, storms, explosions, and more. Most home insurance policies also contain personal liability
coverage, which protects against lawsuits involving injuries that occur on and off your property.
Save up to $1,800 with Home Advantage! Click here!