Towson University: What should a parent ask the lender about mortgage insurance for a proposed purchase near Towson?
DIRECT ANSWER
Confirm the actual mortgage programme and any upfront or recurring insurance or funding fee on the Loan Estimate. A down payment below 20% is a general guideline, not a premium, cancellation schedule or approval for this family. Campus housing figures do not establish financing costs.
CFPB's mortgage-disclosure guidance says mortgage insurance is typically required with a down payment below 20% and distinguishes programme charges from private mortgage insurance on conventional loans. For a parent's proposed Towson-area purchase, ask the lender which programme applies and where any upfront or monthly premium appears on the Loan Estimate. Compare the actual estimate and ask about options and timeframes instead of assuming a campus address or student occupant removes the charge. The source does not establish a premium, cancellation date, payment amount or individual programme approval for this family. University housing figures are not an insurance or mortgage quote.
Guidance and published resources
CFPB's mortgage-disclosure guidance says mortgage insurance is typically required with a down payment below 20% and distinguishes programme charges from private mortgage insurance on conventional loans. For a parent's proposed Towson-area purchase, ask the lender which programme applies and where any upfront or monthly premium appears on the Loan Estimate. Compare the actual estimate and ask about options and timeframes instead of assuming a campus address or student occupant removes the charge. The source does not establish a premium, cancellation date, payment amount or individual programme approval for this family. University housing figures are not an insurance or mortgage quote.
Scope and verification
Confirm the actual mortgage programme and any upfront or recurring insurance or funding fee on the Loan Estimate. A down payment below 20% is a general guideline, not a premium, cancellation schedule or approval for this family. Campus housing figures do not establish financing costs.
Sources & verification
- www.consumerfinance.gov Independently reviewed primary source supporting the stated guidance scope
- www.consumerfinance.gov Independently reviewed primary source supporting the stated guidance scope
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