Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

You are required to have enough insurance to cover the lower of either the replacement cost of the home or the remaining principal balance on your loan.

An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.

Removing PMI If you’re required to carry PMI, we’ll cancel it automatically on the date your loan -to-value (LTV) ratio is scheduled to reach 78%. It can be called Private MortgageInsurance (PMI) or MortgageInsurance Premium (MIP).

If eligible, you can submit an escrow removal request from your online account. You’ll be able to select which eligible escrow items—like home insurance or property taxes—you want reviewed for removal. If you change your mind, you can cancel the request within 7 business days.

Mortgage assistance is a general term that covers a variety of programs and solutions intended to help homeowners who are experiencing financial difficulty and having trouble making their mortgage payment. What kind of assistance options are available if I cannot pay my mortgage?

Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio is scheduled to reach 78%. It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP).

A Disaster Forbearance Plan provides temporary relief from making monthly mortgage payments due to a disaster. We encourage you to speak with your financial advisor or attorney before making any decision regarding this plan or any other mortgage assistance solutions.