If you are applying for a conventional loan and put less than 20% down on a home, the lender will require you to pay mortgage insurance. The amount of mortgage insurance will depend on your credit score, what you are purchasing (e.g. condo, single family residence, etc.), the purpose (primary residence, second home, or investment property), and the amount of the down payment.
There are different ways mortgage insurance can be paid. It can be paid monthly, in one payment as a single premium, by the lender by increasing the interest rate, or can be split with a portion being paid monthly and a portion included in the rate.
Mortgage insurance providers provide rate calculators on their websites so that you can calculate the mortgage insurance.
Below are a couple providers and the links to their rate
Essent Guaranty: https://ratefinder.essent.us/Home/IndexResponsive
If you will need to pay mortgage insurance, and need assistance on how to calculate it, contact us and we can help!
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