Comments for home insurance crisis

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by kenza c

kenza c — Sun, 16 May 2010 10:16:49 +0000

maybe if u happen to lose ur job (GOD forbid) then they’ll take over ur monthly payment. it’s a sweet deal if it’s avaible especially if one is a seasonal worker or if the company closes down or an illness.
as for life insurance, i guess they would take over only after the insured person passes away.

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by Frank B

Frank B — Sun, 16 May 2010 09:42:58 +0000

If the lender perceives you as high risk, it may be a requirement to get the loan. One way around it is to have a second mortgage instead (instead of $300 on one mortgage, you could have $200 on one, and $100 on the second). Avoid PMI if you can.

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by murrayc

murrayc — Sun, 16 May 2010 09:20:59 +0000

Sometimes you are required to take out mort ins if your ratios are not good (loan to value, income or very large jumbo mortgages).

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by stephanierudder

stephanierudder — Sun, 16 May 2010 09:02:41 +0000

No, you are actually thinking about “title insurance”. Title insurance insures the buyer of the home that the land and home have good marketable title. Title problems can arise in real estate and cause a new home owner/buyer hundreds or thousands of dollars in court costs. There are two kinds of policys. Mortgagees policys for the lender/bank. And owners policy for the new owner. These policys will cover you if anyone ever comes out of the woodwork (examples: previous lenders, previous owners, heirs of previous owners, errors in previous deeds, unknown easements, etc.) and claims an interest in the land upon which your home sets. This use to be refered to as abstracting. Its now Title Insurance. It has nothing to do with home insurance. If Title problems arising after the buy your home then the underwriter who issued your title insurance policy will have to cover all court costs for you. They will have to provide you with information on easements, set-back lines, property restrictions, etc. A good website to go to is Southern Title Insurance.com. Hope this helps. If you have any more questions then please e-mail me at stephanierudder@yahoo.com. I am an agent.

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by DEB

DEB — Sun, 16 May 2010 08:46:52 +0000

Mortgage insurance is rerquired fo first time buyers and or FHA approved buyers. It protects lender from default. Once your credit history is established with prompt, not late mortgage payments for a period of 1 to 2 years, you may discontinue it with lender approval. Lender will not tell you this as they receive a percentage of payment. Check it out at your bank or Federal Housing Authority. Much Luck!

In addition, you must have home owners insurance for house damage protection

Comment on Mortgage Insurance ? by generous

generous — Sun, 16 May 2010 08:28:17 +0000

please try this help!

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by edward I

edward I — Sun, 16 May 2010 07:59:21 +0000

Not mandatory. Life insurance will suffice if one wants it to be used for that purpose.
In most cases mortgage ins. is more costly than
Term Life, although they pitch payment coverage in case of illness.
Same with credit cards.
High profit.

Comment on Mortgage Insurance ? by Joseph B

Joseph B — Sun, 16 May 2010 07:36:47 +0000

What is good for you? You need to speak to a licensed agent and he can help you find out. Do you want disability coverage in case you are sick or injured for a long period of time? Do you need insurance to cover the specific term of the policy? Do you want both? You need to speak to a licensed agent in your state and they can help you. Good luck.

Comment on Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance? by intrepid6121224

intrepid6121224 — Sun, 16 May 2010 07:30:59 +0000

you dont have to get mortgage insurance but it is a good saftey precaution, i have and my other family members have it too. when my father passed away suddenly a few years ago, that insurance paid off the mortgage and saved my mother a heartache of having a healthy mortgage to deal with, trust me, its a very worthwhile minimal expense added to your mortgage payment

Comment on My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? by Tom

Tom — Sun, 16 May 2010 07:23:44 +0000

homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.