48 Meriden Rd, Suite 1, Middlefield, CT 06455

Borrower-paid mortgage insurance (BPMI)

When your down payment is less than 20% of the home’s value, the lender typically requires you to pay a monthly premium for mortgage insurance in case you fail to make your mortgage payment. As soon as the loan-to-value ratio reaches 80% of the original value, you may be able cancel the insurance.