Mortgage insurance is less now

This week, all six mortgage insurance companies that exist in the US either released or announced reductions to their mortgage insurance premiums.  (Need to learn more about MI?  Click here).

I am reflecting back to when I started in this business in 2007.  Between 2007 and 2015, mortgage insurance costs hardly moved.

When the conforming jumbo loan program came out  in 2008 (loan balances from the mid $400s to high $600s), I recall that if a 760 credit score buyer was putting down 5% they paid around .79-.84% a year.  A buyer getting a conforming loan (loan balance below the mid $400s) would pay .59% a year.


With a 760 credit score, this is now down to between .27-.38% depending on the  the application.  And so, mortgage insurance now costs about a third what it did before 2015.



Please note, that the new MI terms are available for new applications going forward.  Mortgage insurance is priced by each of the six mortgage insurance companies in different ways, and depend on credit score, down payment, and many other factors.  There are three different types of ways to setup mortgage insurance.  Learn more about the types here:


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