laws for the state of on mortgage insurance

Guest 0.10 Dollars($)

i would like to find out if a finance company can make me purchase mortgage insurance in the state of maryland?

livinginnky · Posted: Fri Nov 30, 2007 5:06 pm Post subject:

Nobody can make you do anything you don't want to do. But they don't have to give you a mortgage either.

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello Crmtruckinginc,

If you are making less than 20% down payment for purchasing a property with a mortgage, you will have to pay mortgage insurance.

evolovik26 · Posted: Tue Dec 04, 2007 6:44 am Post subject:

correction you wont have to pay mortgage insurance if you have a loan over 80% but most lenders offering conforming loans will require that you do have Mortgage Insurance. On an FHA loan you required to have Mortgage Insurance no matter what (even if you are below 80% LTV)

livinginnky · Posted: Tue Dec 04, 2007 9:32 am Post subject:

Good point Eugene,

If it is a subprime loan they won't make you pay up to 100%. Of course the rates are currently laughable.

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