Not always.  Let’s talk about which loan product is best for your needs.  Many loans  with less than 20% down payment include mortgage insurance, (which protects the lender, not you, in the event of a default). But most products have clauses that allow you to stop paying mortgage insurance once you gain enough equity in the home through a combination of principle reduction (by making your ordinary payments) and home value appreciation.  And in many cases you can drop mortgage insurance payments without refinancing or without any cost to do so.   Our advisors can go over the fine print of it all.  Homeownership should be forever, not mortgage insurance.  But don’t think mortgage insurance is all bad.  It’s often a great way to start building wealth through home equity today with a small down payment.   That wealth building typically far exceeds the cost of mortgage insurance. Our advisors can show you how it works as you plan to achieve your American Dream!