Thoughts on Mortgage insurance

[Gabriel Martinez]

Hi All,

Ive recently bough my first home in the state of florida. I purchased the property with an FHA loan at 5.25% rate but plan to refinance once rates drop (if they ever drop lol). I keep receiving mails from insurance and mortgage companies to protect my home by getting a mortgage insurance. life is unpredictable and this seems like a no brainer. Even though i am 26, employed, have savings, and a stable job - too much protection is never a bad thing.

However, i find it very sketchy and somewhat car salesman-like that all these companies keep spamming me with mail and warning me of "last notice or else i will never be able to protect my mortgage ever again."

At the cost, and given the benefits of most mortgage insurance offerings, is it worth it to pay (however much extra it is)? I plan to purchase a new home which i may use as a rental once rates drop and though i dont know when that will be, it sounds like a nobrainer to save up for that instead of spending on mortgage insurance monthly and limiting potential future appreciation.

Thoughts?