Understanding Mortgage Insurance

If you get a home mortgage loan and don’t put down 20% as a down payment, then you may need mortgage insurance. This video explains more about mortgage insurance and what it could mean for your overall home mortgage loan payments.

Mortgage insurance protects the lender in the case that you default on your loan. Once you reach 20% equity in you home, you can typically get rid of the mortgage insurance, as long as your lender agrees.

GCS Credit Union can answer your questions about home mortgage loans in O’Fallon as well as all of our banking products, including checking accounts, online banking, and more. Call us today at (618) 797-7993.

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