Why does my estimated payment include mortgage insurance? - PAK Region - USA Mortgage
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PAK Region – USA Mortgage

The PAK Region and USA Mortgage can help you with all of your mortgage needs.

Why does my estimated payment include mortgage insurance?

The PAK Region at USA Mortgage has
your home purchase and refinance covered

Why does my estimated payment include mortgage insurance?

Mortgage insurance was created to allow consumers to purchase a home without a large down payment. Many home buyers do not have savings or reserves that are equal to 20% of the value of the home they wish to purchase. Mortgage Insurance (MI) assumes the lender’s risk on the loan amount above 80% of the home value. This is for the lender’s protection against decreases in the housing values in the event of borrower default or foreclosure. This insurance has a cost associated with it, which is your monthly Private Mortgage Insurance (PMI) or MI payment that is included in your mortgage payment if your loan requires PMI or MI. Mortgage insurance has served its purpose by providing more people the ability to purchase homes at low interest rates by decreasing the risk to lenders.

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Customer Reviews

  •      Reviewed by Charles W. for Ralph Harr

    Ralph is awesome to work with. He is prompt in returning messages and either had the answers to my questions or found them quickly. He is courteous, honest, direct and I trust his opinion. This is my third mortgage with Ralph and I plan on more. Honestly, there is no one else I would work with on a mortgage now!

  •      Reviewed by Margaret K. for Christina Anthony

    Christina Anthony is great at her job! She made me feel like I was her priority. She answered all my questions clearly & prompt. She also had a way of putting me at ease when I was stressed. I will be recommending her services to all of my friends & family:)

  •      Reviewed by Mustafa S. for John Amini

    I highly recommend, John Kaba amini as mortage banker for many reasons which includes his knowledge, patience, timeliness, honesty and attention to the needs of his client. John is very engage in the process which gives you the confidence to feel as is he is a member of your family; He has your best interest in mind. John has been a Realtor for me and friends for many years. John always took the time to explain. And we really appreciated that. It made us feel

  •      Reviewed by Mandy N. for Michelle Lambrich

    As a first time home buyer, I had many questions throughout the loan process. Not only did Michelle answer all of my questions, she also went above and beyond to ensure I understood and felt secure in my decisions. I will, happily, be recommending Michelle to everyone I know!

  •      Reviewed by Steven A. for Audrey Poursine

    Audrey was very professional and organized. My wife and I highly recommend her. 100% satisfaction is an understatement. Audrey went above and beyond and truly cared about every detail of our purchase. She is very pleasant and with many years of experience. We will recommend her to everyone we possibly can!

PAK Region

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Equal Housing Opportunity

DAS Acquisition Company, LLC dba USA Mortgage NMLS: 227262. Not a commitment to lend. Additional terms and conditions apply.

Interest rates and products are subject to change without notice and may or may not be available at the time of commitment or lock-in. DAS Acquisition Company, LLC is not affiliated with or endorsed by any government entity or agency, including USDA, HUD or VA. AZ License Number: 942577.

Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Licensed under the Oregon Consumer Finance Act, OR License #ML-5723. OH #RM.850291.000.

Headquarters:
12140 Woodcrest Executive Drive, Suite 150, St. Louis, Missouri 63141, Toll Free: (888) 250-6522. For licensing information, go to: www.nmlsconsumeraccess.org.

Licensed lending areas:
Alabama, Arizona, California, Connecticut, District of Columbia, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Missouri, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin.