Blog Demystifying Mortgage Insurance: How The McNelly Team Can Help You Save Sep 19, 2024

At The McNelly Team - Fairway Independent Mortgage, we understand that navigating the world of mortgages can be overwhelming. One aspect of the mortgage process that often confuses borrowers is mortgage insurance. So, let's demystify mortgage insurance and show you how working with The McNelly Team can help you save money in the long run.

Mortgage insurance is a type of insurance policy that protects the lender in case the borrower defaults on their loan. If you're putting less than 20% down on your home, your lender will likely require you to purchase mortgage insurance. This extra cost can add up quickly and significantly increase your monthly mortgage payment.

But fear not! The McNelly Team has the expertise and resources to help you navigate the world of mortgage insurance and potentially save you money. Here's how:

1. Personalized Guidance: Our team of experienced mortgage professionals will work with you to understand your unique financial situation. We will assess whether mortgage insurance is necessary for your loan and provide guidance on the best course of action to save you money.

2. Finding the Best Rates: The McNelly Team has access to a wide network of lenders and insurance providers. We will shop around to find you the best rates on mortgage insurance, potentially saving you hundreds or even thousands of dollars over the life of your loan.

3. Explaining Your Options: There are different types of mortgage insurance available, including private mortgage insurance (PMI) and government-backed mortgage insurance (such as FHA or VA loans). The McNelly Team will explain the pros and cons of each option, helping you make an informed decision that saves you money in the long run.

4. Monitoring Changes: Mortgage insurance rates can change over time, especially as you build equity in your home. The McNelly Team will monitor these changes and advise you on when it might be beneficial to refinance your loan or drop your mortgage insurance, saving you even more money over the life of your loan.

In conclusion, mortgage insurance doesn't have to be a mystery. By working with The McNelly Team - Fairway Independent Mortgage, you can save money on your mortgage insurance costs and make the home buying process a little less stressful. Contact us today to learn more about how we can help you save on mortgage insurance and get one step closer to your dream home.