TD Bank: Mortgage Insurance Requirements Hammering Homebuyers

The increased use of mortgage insurance shows that strapped homebuyers are struggling to come up with down payments, says Mike Copley, Executive Vice President for Retail Lending at TD Bank. According to a recent TD Bank survey, 43% of homebuyers in the last two years required mortgage insurance. Copley says that Millennials are having a particularly tough time with 46% saying they have had to cut back on daily purchases or delay larger household purchases due to the additional cost of PMI. Copley says first time buyers may not realize the options available to them that don't require extra insurance so they should more closely consult with their lenders.