Is coming up with the down payment for your new home leaving you feeling stretched? Are you afraid you'll have the new home, but no money left over to furnish it? Or worried about how to cover any unexpected expenses? There's no need to empty your bank account just to move into your new home. An easy answer already exists. It’s called mortgage insurance.

Maybe you've never heard of mortgage insurance, but it can make a big difference in how quickly your mortgage loan is approved and how much money you spend on a down payment. It's temporary insurance, lasting only until you've paid your loan down to the 80% loan-to-value level. Mortgage insurance helps protect lenders and mortgage investors from financial losses in case a loan is not repaid for any reason. This insurance benefits lenders and investors, but it helps homebuyers, too. Because lenders are protected by mortgage insurance, they are willing to offer loans with a very low down payment – as little as three to five percent of the loan amount or, in some cases, with no money down.

Usually, lenders require a down payment of at least 20%. If you don't have a 20% down payment, it can take a long time to save it. And while you're saving, the price of your dream home is likely to rise – perhaps faster than you can save. Mortgage insurance allows you to start enjoying the benefits of homeownership now, rather than later.

How does it work? Premiums are based on the percent you borrow of your home's total value. Payments can be covered up-front or are included in your monthly mortgage until you reach an 80% loan-to-value level.

There are many types of mortgage insurance products, allowing you to put as little as no money down on your new home. Talk with your lender today, and see if mortgage insurance can help get you into your dream home sooner.

It could be just the answer you're looking for.

Click here to calculate how mortgage insurance might benefit you

Click here to find out when your mortgage insurance could be cancelled

Click here for "Frequently Asked Questions" about Mortgage Insurance.