Do I need Mortgage Insurance?

Whether or not your loan will contain mortgage insurance (MI) will depend on your down payment. If you have a loan to value (LTV) of 80% or less, MI will never be required. If your LTV is 80.1% to 90%, you may have the option of MI or taking a higher interest rate and avoiding MI. At a 95% LTV, MI is required.

One significant note on construction loans with MI – mortgage insurance is not paid during the construction phase. While all of the paperwork will reflect the loan with MI, there is no MI payment during the construction phase. Once the property is complete and the loan moves from the construction phase to the permanent phase, MI will then be payable on a monthly basis.

During the construction phase your payments are interest only based on your current balance.

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