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Can you please tell me why do I have to buy mortgage

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insurance. My loan officer told...
Can you please tell me why do I have to buy mortgage insurance. My loan officer told me if I pay at closing cost 10k that would save me like s250 after 3,5 years this is for convention loan of about 360k. Also if I buy MI do I qualify for more?
Submitted: 1 year ago.Category: Real Estate Law
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10/10/2016
Real Estate Lawyer: LawTalk, Attorney replied 1 year ago
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,857
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

Mortgage insurance is generally required for conventional mortgage loans if you are no paying at least 20% of the purchase price as a down payment. So, if the loan to value ration of the purchase is below 80% many lenders will not require that you pay mortgage insurance.

Paying the closing costs of $10,000 at the time of the closing, as opposed to rolling them into the mortgage will generally save you about $400 a year in additional interest payments.

Agreeing to pay for mortgage insurance will not qualify you to borrow any more money (it is your present income and debts that determine how much you can borrow)---but it will allow you to borrow more than 80% of the value of the home you are buying so you don't have to put 20% as a down payment.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

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Real Estate Lawyer: LawTalk, Attorney replied 1 year ago

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a very nominal charge I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you?

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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