Mortgage insurance covers a wide range of loans, including most fixed-rate 30, 25, and 15-year loans and many adjustable rate mortgages. Your lender can help you determine which premium plan is right for you and will make all the arrangements for obtaining insurance from the mortgage insurance company.

Who pays for mortgage insurance?
The borrower pays for mortgage insurance, usually as part of the monthly house payment. There are many payment options available, including monthly payments, annual payments and programs that require no cash from the borrower at closing for mortgage insurance. There are also one-time mortgage insurance premiums paid at closing which are typically financed into the loan amount or may be paid by the seller.

Can I cancel my mortgage insurance?
Yes. The Home Owners Protection Act of 1998 requires that your lender cancel your mortgage insurance at your request once you have reached a certain level of equity in your home. Or the insurance will be automatically canceled by your lender if you don’t request it. Your lender can provide you with the requirements for canceling insurance, which are set by the investor in your loan. Contact the company you send your mortgage payment to for details.