EP55 - Mortgage Insurance 101 | What You Really NEED to Know

Are you a first time home buyer that has questions about mortgage insurance when buying a house? What is mortgage insurance? Who has to pay mortgage insurance? Who does mortgage insurance protect? Is mortgage insurance the same for all loan types? In this episode, we are going to give you mortgage insurance 101 when buying a home in addition to discussing when you can get rid of mortgage insurance once you have it so that we can help you become The Educated HomeBuyer.

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Example We Discussed:

What’s it look like for a minimum down, median purchase $467,700 (Q4 2022

1. FHA - 

1. $451,331 base loan

2. Add UFMIP of 1.75% - $7898

3. Total loan amount - $459,229

4. Monthly MI - $210

2. Conventional 3%

1. $453,669 loan

2. 2 borrowers - SFR - 740 - dti under 40% - .47% - $177.69

3. 1 borrower - SFR - 680 - dti under 40% - 1.35% - $510.38

3. Conventional 5%

1. $444,315 loan

2. 2 borrowers - SFR - 740 - dti under 40% - .30% - $111.08

3. 1 borrower - SFR - 680 - dti under 40% - 1.03% - $381.37

4. VA - No monthly MI

5. USDA

1. $467,700  base loan

2. Add UFMIP of 1.0% - $4677

3. Total loan amount - $472,377

4. Monthly MI - $137.78

Connect with me 👇 Jeb Smith (huntington beach Realtor/orange county real estate) DRE 01407449 Coldwell Banker Realty ➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith ➡Y O U T U B E ➳https://www.youtube.com/c/JebSmith

Connect with me 👇 Josh Lewis (Huntington Beach Certified Mortgage Expert) DRE 01209148 Buywise Mortgage M:714-916-5727 E: josh@buywisemortgage.com ➡I N S T A G R A M ➳ https://www.instagram.com/borrowsmartjosh ➡Y O U T U B E ➳https://www.youtube.com/c/buywiseborrowsmart

📩 - info@theeducatedhomebuyer.com

👕 - Merch - https://jebsmith.myspreadshop.com/

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