If I live on Long Island, NY, and I bought my house 3 years ago, do I need to keep the mortgage insurance?
Generally, mortgage insurance is required on home loans for more than 80% of a house's value. Until recently, some borrowers avoided insurance by getting 2 mortgages: a primary loan for 80% of the home's value, & a home equity loan for the rest.
Answered by Leah B. -
About Home Equity Loan
In a home equity loan, the borrower uses the equity in their home as collateral. It's used as a form of insurance for the lender.
About Home Loan
A home loan is used to finance the purchase of a house or similar property. Large loans come in both fixed and variable rate types.
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