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Originally Posted by MattyB5576
I dont pay for mortgage insurance in my loan. Maybe they rolled it into my payments but i am not aware and there is no line itemizing it on my mortgage payment. The underwriter stated that the investor "freddie mac" took out back end mortgage insurance on the loan. So he said once it goes through them which should take 3-4 weeks it will then go back to the investor freddie mac for a "blessing" if approved by the MI company of course. I am trying to figure out how much the MI company will insure. I have read that they insure anything over 80% of the loan value.
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For at least a couple of years notw, may lenders have offered what is called Lender Paid Mortgage Insurance" (LPMI). Of course it should have been disclosed to you, and perhaps it's in your original loan documents. But you wouldn't be paying any additional monthly fees for insurance. You would have paid a slightly higher interest rate, which the lender tacks on to make up for the fact that THEY are insuring the missing equity.