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How do you want to learn about mortgage insurance?
We have answers
Mortgage insurance protects the mortgage lender against any loss they may occur if a mortgage goes into default for mortgages originated with down payments less than 20%. It allows you to get a mortgage with a smaller down payment. This means you can borrow a larger percentage of your home's value.
Which type of mortgage insurance do you have?
If you have an FHA loan, you have a Mortgage Insurance Premium (MIP).
If you don't have an FHA loan (which is a government loan) and you put less than 20% down on your home, you have Private Mortgage Insurance (PMI).
You can also log in to your Republic Bank Internet Banking account and visit the Escrow Details page of your mortgage account to learn which type of mortgage insurance you have.
Paying for mortgage insurance
In most cases, we'll add the insurance premium to your monthly mortgage payment. It'll be kept in an escrow account until it's paid.
Removing mortgage insurance
Mortgage insurance is tied to either the number of years you've had your loan or your loan-to-value (LTV). You may be able to cancel it at some point, depending on your loan.