Mortgage Insurance Question?
SB1976 asked:
I bought my house five years ago. I’ve got a 30 year fixed rate at 5.5%. My mortgage company is Well’s Fargo. Every month, in addition to my payment, I pay into an escrow account plus $50.00 for mortgage insurance. Can somebody tell me exactly what this “mortgage insurance” is. My credit rating has been above 800 for years and years and I have a bank draft for my payment and have never been late making a payment. So why do I have to pay an extra fifty a month for this mortgage insurance?
Robert
I bought my house five years ago. I’ve got a 30 year fixed rate at 5.5%. My mortgage company is Well’s Fargo. Every month, in addition to my payment, I pay into an escrow account plus $50.00 for mortgage insurance. Can somebody tell me exactly what this “mortgage insurance” is. My credit rating has been above 800 for years and years and I have a bank draft for my payment and have never been late making a payment. So why do I have to pay an extra fifty a month for this mortgage insurance?
Robert
