Matt Padgett, Mortgage Broker in Knoxville, TN often get’s asked, “What is upfront mortgage insurance?”
You most typically find upfront mortgage insurance when you’re dealing with government loans. Whether it be a VA loan, a USDA role development loan or an FHA loan. This is a premium that is added to your loan amount to mitigate the risk. In this case, the government. So it is an amount that is added to your loan amount and it stays till you pay the loan off. So upfront mortgage insurance is required on USDA loans, it is required on FHA loans and in most cases, it’s required on VA loans, veteran loans unless the veteran is disabled.
For details on upfront mortgage insurance, give us a call 865.909.0211 and we’ll talk through it with you. Thanks!
If you have any additional questions about the mortgage process, call Keystone Mortgage at 865-909-0211.
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