Is mortgage insurance required for Wachovia mortgages?

Wachovia Mortgage typically requires mortgage insurance for loans that involve a lower down payment, generally when the borrower puts down less than twenty percent of the home’s purchase price. Mortgage insurance serves to protect the lender in case the borrower defaults on the loan. There are two common types of mortgage insurance: private mortgage insurance, which is generally obtained through a private company, and government-backed insurance programs, like those from the Federal Housing Administration. It is important for potential borrowers to understand that while mortgage insurance can add to the monthly payment, it may allow them to secure a loan with a lower down payment, thereby making homeownership more accessible. Once the borrower builds sufficient equity in their home, they may have the opportunity to remove the mortgage insurance. For the most accurate and specific information regarding mortgage insurance requirements related to Wachovia mortgages, it is advisable to check their official website for the latest policies and details.