Did you know? There is insurance even in the mortgage. The existence of mortgage insurance sure means a lot for the mortgagors. Why, of course, it is because with the insurance, mortgagors can get smaller down payment. One thing leads to another. Smaller down payment can actually let you borrow larger percentage of the value of your home. Now, don’t you want to know more about the type, payment, and other things about Wells Fargo mortgage insurance? If so, let’s just get down to it in this opportunity below then.
How to Know the Insurance Type
There are different types of Wells Fargo mortgage insurance. If you don’t have a clue at all about it or don’t know the difference between them, you can simply get the answer by following these steps.
- Visit wellsfargo.com
- Open the Sign On section
- Enter your Username and Password
- Go to the Escrow Details page
From this very page, customers will be able to find out which type of Wells Fargo mortgage insurance that they actually have. There is no need for you to actually figure this out on your own.
The Two Types of Loan Insurance
Actually, figuring the type of Wells Fargo insurance out by yourself is not a difficult or complicated task to do. Why, not? There are only two types to concern yourself with after all. Discerning from one Wells Fargo mortgage insurance to another can be easily done like this. Mortgage Insurance Premium (MIP) is the type for those having FHA/government-based loans. Meanwhile, Private Mortgage Insurance (PMI) is for conventional loans. You have to put less than 20% down on the property to qualify for this type too.
How the Payment is for Insurance
There is nothing to be confused about when it comes to the payment of Wells Fargo mortgage insurance. Need to be known that the payment is being kept in the escrow account until it is paid by you. The insurance premium is usually added to customers’ mortgage payment in monthly basis. So, your monthly payment should have included the payment for Wells Fargo mortgage insurance too. You don’t have to make the payment separately yourself. The company strives to make everything simple and reduce all of the hassles.
The Removal of Mortgage Insurance
You might as well need to know that you can remove the insurance for Wells Fargo mortgage if you want. That being said, the insurance is actually tied to the number of years of your loan. It might or might not be tied to your loan to value as well. Depending on the loan you own, you will have the chance to cancel it at certain point. To do so though, we recommend you to call the company for assistance of the removal of Wells Fargo mortgage insurance. That way, you will be able to discuss your loan in details to request insurance removal. They must know what’s better to be done for you.