Ep #59 - What You Need to Know about Mortgage Insurance + Latest Las Vegas Housing & Market Updates

Mortgage insurance protects the lender. You’ll have to pay for it if you get an FHA mortgage or put down less than 20% on a conventional loan. The traditional target for a home down payment is 20% of the purchase price, but that’s out of reach for many buyers. Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on the loan. With a conventional mortgage — a home loan that isn’t federally guaranteed or insured — a lender will require you to pay for private mortgage insurance, or PMI, if you put less than 20% down. With an FHA mortgage, backed by the U.S. Federal Housing Administration, you’ll pay for mortgage insurance regardless of the down payment amount. USDA mortgages, backed by the U.S. Department of Agriculture, and VA mortgages, backed by the U.S. Department of Veterans Affairs, don't require mortgage insurance. But they do have fees to protect lenders in case borrowers default. So you'll still face an extra cost with these home loans in exchange for the low down payment requirement. ________________________ DAN FRENCH Realtor | Key Realty LLC License # S.0193843 702-557-6176 https://www.lvhomeprofessionals.com Follow Us on Social Media! Instagram: https://www.instagram.com/danfrenchlv/ Facebook: https://www.facebook.com/TheMarketSna... Twitter: https://twitter.com/AskDanFrench ________________________ 🏡 FIND YOUR NEW HOME HERE! NEW HOMES FOR SALE North LAS VEGAS: https://myre.io/0qkKcAodVBBg NEW HOMES FOR SALE HENDERSON: https://myre.io/0jbpj9LBPLy NEW HOMES FOR SALE SUMMERLIN: https://myre.io/0YRnC8BAPXrl NEW HOMES FOR SALE LAS VEGAS: https://myre.io/0CMoiL45F7lt 🏠 RESALE HOMES: RESALE HOMES FOR SALE SUMMERLIN: https://myre.io/0UTj2QDZQr4t RESALE HOMES FOR SALE HENDERSON: https://myre.io/0EpPM9PibuBl RESALE HOMES FOR SALE LAS VEGAS: https://myre.io/0JfHHgHCuVok