Mortgage Insurance

What Is Mortgage Insurance?

Mortgage insurance protects the lender — not the borrower — if the loan is not repaid. Whether it applies to your loan depends on the loan type and your down payment.

• Conventional loans: Private mortgage insurance (PMI) usually applies when the down payment is less than 20%.
• FHA loans: A mortgage insurance premium (MIP) applies, with an upfront and a monthly amount.
• VA loans: There is no monthly mortgage insurance. VA loans have a funding fee instead.

Mortgage insurance can affect your monthly payment. Ask Maryam how it applies to your loan — call (949) 431-6565, get pre-qualified, or use the Mortgage Calculator to estimate a payment including mortgage insurance.