What Is Mortgage Insurance ?

1. What Is Mortgage Insurance? Mortgage insurance protects the lender if a borrower fails to pay their monthly mortgage payments and ends up defaulting on the loan. This type of insurance significantly reduces the lender's risk. 01 What Is Private Mortgage Insurance? Private Mortgage Insurance (PMI) is needed when a borrower gets a Conventional Loan and pays less than 20% for their down payment. PMI is meant to protect the lender and is generally provided by private insurance companies. 02 What Is a Mortgage Insurance Premium? Mortgage Insurance Premium (MIP) is needed when a borrowers gets an FHA Loan regardless of the down payment amount paid. Types of Mortgage Insurance Mortgage Insurance Private Mortgage Insurance Mortgage Insurance Premium Mortgage Title Insurance Lender-Paid Mortgage Insurance Borrower-Paid Mortgage Insurance Split-Premium Mortgage Insurance Single-Premium Mortgage Insurance 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 2422 E. Main St. Gatesville, TX 76528 254-248-0029 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com