Is Mortgage Insurance (monthly additional charge on morgage due to not putting down 20% at closing) the same thing as Points?

lpjmms · ‎April 16, 2022

AnnetteB6 · ‎April 16, 2022

No, mortgage insurance is not the same thing as points.

Mortgage insurance protects the lender in case you do not make your payments. Points are typically equal to 1% of the loan amount and are charged in order to lower your interest rate or as an origination fee to cover the costs of processing the loan.

To learn more, see the following TurboTax help article:

What are points?

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Is Mortgage Insurance (monthly additional charge on morgage due to not putting down 20% at closing) the same thing as Points?

Is Mortgage Insurance (monthly additional charge on morgage due to not putting down 20% at closing) the same thing as Points?

What are points?

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Is Mortgage Insurance (monthly additional charge on morgage due to not putting down 20% at closing) the same thing as Points?

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Is Mortgage Insurance (monthly additional charge on morgage due to not putting down 20% at closing) the same thing as Points?

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