Can a bank waive Mortgage Insurance for a borrower?
Written By: admin on July 24, 2009
One Comment
Can a bank waive Mortgage Insurance for a borrower? Or its governments rule/law for a lender to question for Mortgage Insurance from a borrower who is borrowing more than 80%. Can a bank offer any special like if you have at least 10% deposit will not have to pay the insurance.
Thanks in advance
Haseeb
Canberra, Australia.
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My experience is in the USA, but for here the mortgage insurance is charged by the bank for conventional loans (there are gov’t insured loans where the gov’t laws determine when and if they must charge the mortgage insurance) so they can choose to charge that or not. But, they usually charge it for over 80% loans and this is a company policy, its not like they would waive it for you or really even negotiate this. I could see them possibly running a special where they did not charge this on some 90% loans, or something, but aside from something like this I can’t see how you could avoid paying this (other than putting 20% or more down).