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2014-02-05 15:12:15
Purchasing a Utah Home without Mortgage Insurance

Most Utah homes are purchased with the aid of mortgage insurance. Mortgage insurance is protection for the lender in case the borrower defaults on their loan. It does not protect the borrower in anyway, but rather reduces the risk for a lender to lend. If the borrower does default on their home loan, then the lender can foreclosure and seek compensation of losses from the mortgage insurance.

Usually, most homes are purchased with the aid of mortgage insurance. The insurance premiums is paid by the borrower as up front fees and monthly payments within their mortgage payment. Unless the borrower has a 20% down payment, then mortgage insurance is usually a necessary evil.

However, Utah housing announced a new conventional program which does not have mortgage insurance. In addition, this program can be utilized with zero down from the buyer.

When purchasing a home, it is wise to review all possible loan programs that will fit the buyers needs best. With the absences of mortgage insurance, mortgage payments can be less for buyers. However, not all lenders are allowed to utilize the Utah Housing programs. If a lender does not suggest Utah Housing then it may be the simple case that the lender does offer it. If so, find a lender that does and see if the program works for you.

By Jerome Bennett - Realty Experts - 801-913-1385





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