About Us Famous & Spang Associates a full-service, generalist insurance agency representing many top rated insurance carriers, was founded in Aberdeen, Maryland circa 1909.

What Is Mortgage Insurance And How Does It Affect the Your Down Payment?

What Is Mortgage Insurance And How Does It Affect the Your Down Payment?

mortgage, loan, house, finance, payment - financial Insurance & business concept.

Many potential homebuyers balk at the thought of putting down 20% of a home’s purchase price to secure a mortgage. The good news is that you can get a mortgage with a much smaller down payment — but you’ll likely have to take on mortgage insurance as a result.

Mortgage insurance will reimburse your lender if you stop making mortgage payments, and is generally required on conventional loans (loans not backed by a government entity) where the down payment is less than 20% of the home’s price.

Below, we review what you need to know about mortgage insurance and how to factor it into the cost of owning a home.

Read More

Contact Famous & Spang Insurance

As an independent agency, we are here to help you find the right coverage.

Famous & Spang Insurance

Aberdeen, MD

200 W. Bel Air Ave.
Aberdeen, MD 21001

Phone: 410-272-2300
Text: 410-449-7540
Fax: 410-575-6927

We write insurance solutions throughout the Mid-Atlantic Region and beyond.