Do lenders offer any alternative to mortgage insurance?

You definitely have options. Explore mortgage insurance alternatives offered by us or check out our programs that allow you to avoid private mortgage insurance altogether.  more

Some lenders offer alternative options other than purchasing PMI. Under these programs, a premium may be added to the interest rate. This could be a benefit as private mortgage insurance is generally not tax deductible and mortgage interest may be. You may wish to consult with a tax advisor or an accountant for information and advice on this matter. Lender-paid private mortgage insurance (LPM) differs from Borrower paid mortgage insurance (BPMI) in that it may not be cancelled, usually has a higher interest rate than BPMI and may be tax deductible. Lenders must disclose a 10 year generic analysis comparing LPMI and BPMI at loan commitment.  more

You definitely have options. Contact us to learn more about mortgage insurance alternatives offered by Wells Fargo Home Mortgage.