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If land is in a non-rebuildable flood zone is there another insurance besides floor insurance that can would pay the remaining mortgage?
Wiki User
∙ 8y ago
If your house is a "write off" normal coverage limits should cover it under your F&C insurance. All states differ.
Wiki User
∙ 8y ago
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Where could one find more information on mortgage insurance?
When looking to find the best and most current information on mortgage insurance it might be an idea to speak with the mortgage provider for the property the insurance is required for. Another way might be to view comparison websites such as Money Supermarket who offer information on many companies that provide mortgage insurance.
What is mortgage life insurance?
Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance, per se, because upon death of the insured, the LOAN is paid off. The survivor RECEIVED NO CHECK.Life insurance, on the other hand, has nothing to do with mortgage insurance. Upon death of the insured, the SURVIVOR, not the title company, receives a check for the amount of the death benefit. You cannot find the word mortgage on what is euphemistically called by the agent "MORTAGE LIFE INSURANCE".The same answer applies, in general, to the question what is term life insurance.Mortgage life insuranceMortgage life insurance is a form of decreasing term life insurance. It pays off your mortgage if you die. Mortgage life insurance is often confused with Private Mortgage Insurance (PMI). You buy mortgage life voluntarily to protect your survivors from having to make the monthly payments. But with Private Mortgage Insurance, lenders require you to buy a policy in order to protect them (the lenders) against the possibility that you will default on the debt.Mortgage life insurance is a life insurance policy that one would take out on themselves or another person involved in a mortgage take out on a home or business so that if they should die the mortgage can be paid off. As the amount of the mortgage is paid down the amount of life insurance received is lowered. This type of life insurance will never pay more than the amount of the remaining mortgage.Given the relatively low cost of term life insurance on a healthy person, one might consider buying a decreasing term life insurance policy at the inception of the mortgage, rather than as part of the real estate transaction. The trick is to correlate the period of the decreasing term with the amortization of the mortgage.
Where can one purchase home mortgage protection?
Most banks will add a small fee to the mortgage to cover life and accidental insurance. Another option is for the homeowner to receive their own mortgage insurance quote from agencies such as Sunlife.
What are the benefits of purchasing home mortgage insurance?
A home mortgage insurance allows a person to buy a home without meeting the 20% down payment. it also allows for more flexibility by affordable premiums. Home mortgage insurance can be transferred from one home to another.
What is mortage insurance?
The term Mortgage Insurance can mean different things to different people and in a variety of situations. I have heard it refer to life insurance designed to pay off a mortgage balance due to death of an insured person. another type of Mortgage Insurance is products such a PMI, which indemnifies a bank or mortgage company in the case of a default on a mortgage loan. In this type of mortgage insurance the person who takes out the loan pays the premiums through their house payments, but will not receive any benefit from the insurance as the only one who gets paid is the bank or mortgage company. The insurance company can then still come after the borrower for the amount of their loss.
If you refinance your mortgage do you need to get hazard insurance if you already have homeowners insurance?
hazard insurance is another way to say homeowners insurance - they should be referring to the same thing
How reliable is PMI mortgage insurance?
"Most people do not understand the purpose of PMI insurance. I know it is to protect the mortgage company from risk, but it almost seems like it's just another fee to add to the payment."
Homeowners insurance cancelled what will the mortgage company do?
The mortgage company will force-place coverage for the dwelling for you. Ultimately, you will be paying for it. It will also be A LOT more expensive for you with (generally) less coverage.
Can you get another mortgage after a foreclosure?
yes...........but you will pay a much higher interest rate and your homeowners insurance will also be much higher Probably not.
Where can one get a quote for house and contents insurance in Seattle?
Zillow Mortgage Marketplace is one of the many places in Seattle that offers quotes for house and insurance. Another place is a website called BrainQuote.
What is the average cost of mortgage insurance?
The best way to find out the average cost of morgage insurance is to talk to a local bank. Another way is to go on websites that will have such information and determine the average cost.
If the hazard insurance from your mortgage agreement was cancelled do you get a refund and the mortgage payments go down?
Mortgage insurance is required when you have less than 20% down or equity in your home. Once you reach that percentage of ownership, you can cancel the insurance. Hazard insurance is different. Most Morgagees (Lenders) have a clause that forces you to continually have hazard insurance without lapses or they will assign insurance for you. The assigned insurance generally is more expensive than all other alternatives. If you cancel your current hazard insurance you would likely receive a refund but it would be unwise to cancel without getting insurance from another company... and especially unwise to spend the money. Your payments would not go down, but likely up because of the assigned insurance.
