Why Mortgage Insurance?
Why Mortgage Insurance Is Safer and Smarter
There are additional benefits to having mortgage insurance, aside from needing less than a 20% cash down payment.Here are just a few reasons why Genworth Mortgage Insurance is the smarter, safer choice for you and your family:
| Benefit | Feature | Why It's Smart |
|---|---|---|
| It's affordable. | Competitive monthly payments. | A single loan with mortgage insurance is often cheaper than taking out two loans., and it’s competitive with other alternatives, like FHA loans. |
| It's flexible. | Choose from several premium payment options. | Mortgage Insurance premiums can be paid monthly along with your mortgage payment, or upfront in a lump sum. Ask your lender about your options. |
| It’s Tax Deductible | MI Premiums are tax deductible1 | MI premiums are tax deductible for many homeowners through December 31, 2011. With this tax deduction you may be able to save $200-$400 each year. MI tax deductibility is currently unavailable for MI premiums paid on or after January 1, 2012. While the legislation is expected to be renewed in early 2012, it may not be. Check with your tax advisor for full details. |
| It ends. | May be canceled when you’ve built 20% equity and maintained a good payment record.2 | According to Mortgage Insurance Companies of America (MICA), 90% of borrowers cancel their mortgage insurance within 60 months, reducing their monthly mortgage payments even more. |
| It's convenient. | Faster To Close. | Often, conventional loans are faster to close than alternatives like FHA loans. |
1Deduction applies for loans closed on or after January 1, 2007. Subject to income limits. Consult your tax advisor for details.
2Ask your lender for requirements.
