Do I need mortgage insurance?
Do I need mortgage insurance?
  
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DO I NEED MORTGAGE INSURANCE?




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Q: Do I need mortgage insurance?
A: Any time that your downpayment is less than 20% of the sale price of your new home, your lender will require that you purchase mortgage insurance to help ensure that the bank is protected in case you default on the loan. The lender will purchase the mortgage insurance on your behalf, but the price of the insurance will be billed to you as part of your normal monthly payment.
4/8/2009
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