Mortgage Loan Insurance from your lender may seem like a low-cost way to insure your mortgage, but the premiums you pay to insure your mortgage with your lender depend on the conditions of your loan.
For new homeowners, and especially ones who provide a smaller down payment, the insurance premiums required by your lender may cost too much. Financial troubles come and go, and there’s no reason to burden yourself and your family with an unnecessary one like paying too much for insurance coverage.