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Mortgage Insurance

Mortgage insurance allows you to get a mortgage with a smaller down payment. This means you can borrow a larger percentage of your home's value.

Which type of mortgage insurance do you have?

If you have an FHA loan, you have a Mortgage Insurance Premium (MIP).

If you have a conventional loan (which is a non-government loan) and you put less than 20% down on your home, you have Private Mortgage Insurance (PMI).

You can also sign on to Wells Fargo Online® and visit the Escrow Details page of your mortgage account to learn which type of mortgage insurance you have.

Paying for mortgage insurance

In most cases, we'll add the insurance premium to your monthly mortgage payment. It'll be kept in an escrow account until it's paid.

Removing mortgage insurance

Mortgage insurance is tied to the number of years you've had your loan and/or your loan-to-value (LTV). You may be able to cancel it at some point, depending on your loan. Learn more about removing your mortgage insurance. Or call us to discuss your specific loan details.

The amount you owe on your loan divided by your home's original value, which is either the price you paid for it or the appraised value at closing, whichever is less. This number is always expressed as a percentage.