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Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild

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โˆ™ 2006-03-14 13:00:41
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Q: Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?
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How does a private mortgage holder enter a favorable report on the mortgagee's credit?

A private mortgage holder normally does not belong to a credit bureau; therefore, can not report credit activity to a credit bureau..


What kind of insurance would cover a mortgage in the event of a spousal death?

Credit life insurance, Mortgage insurance, or decreasing term insurance.


What is the purpose of mortgage life insurance?

Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan.


How do you know if you had mortgage insurance?

This depends on what you mean by mortgage insurance. If you are talking about products like PMI (Premium Mortgage Insurance) look on your escrow billing and it will be listed. If you are talking about a life insurance policy that would be either through credit life with your mortgage company or separately through an insurance company.


Where do you find the best prices on mortgage insurance?

Do you have another life insurance of sufficient amount to cover mortgage, then you do not need extra mortgage insurance. Any way it is also a simple life insurance policy, just named differently to get more business. It is not essential. Life insurance is not private mortgage insurance (PMI) PMI covers the lender if you default on the loan. Basically you are paying for insurance for the lender. Once the loan is 80% or below the property value the lender will usually cancel the requirement for PMI. You do have the right you choose your own private mortgage insurer, as long as they are approved to do business with your lender. You can ask your lender for the premiums of each of their carriers and decide for yourself which you want to use. The prices from various carriers are virtually the same for borrowers with good credit, however if you have poor credit the rates can vary widely and it is worth your time to as the question.


How much money does a person with good credit have to put down for a mortgage?

There are programs that will still do 100% financing. You will need to discuss this with a lender. If possible you will want to put 20% down on a home purchase to keep you out of the PMI (private mortgage insurance).


What is a mortgage insurance premium?

The amount you pay (generally monthly in your house payment) for the morgage insurance policy. Most lenders require you to carry mortgage ins or PMI if you finance more than 80% of the value of the home, or for other credit risk reasons. As a side note I have successfully had the mortgage ins dropped after my principle was lower than the 80% on two different mortgages.


Were does information containded in a credit report come from?

Information in a credit report comes from banks, mortgage lenders,credit unions, credit card companies, insurance companies, landlords, department stores and employers.


How can one get a mortgage if they have bad credit?

There are many mortgage alternatives such as leases, though a person may be able to co-sign on a mortgage with someone with excellent credit. Many times, private lenders will offer a mortgage to someone with bad credit. There can also be social programs that offer resources to low income families.


Where might one receive advice regarding a home equity line of credit?

Home equity is the difference between the value of your home and your mortgage. A home equity line of credit (HELOC) is an revolving credit, an account with a maximum amount, which you can draw upon when and if you need it, the height of the amount is based on the equity of your home. Advice about a HELOC can found in the same way as information about a mortgage, at mortgage brokers, banks and private lenders and insurance companies.


Can mortgage holders report side notes tax accounts and insurance accounts to credit bureaus?

no


How do credit ratings work in the USA?

Credit ratings are a numerical value meant to represent the creditworthiness of a person. This is the likeliness that a person will pay their bills. There are many different methods of calculating credit scores, the most prominent of which being the FICO system. FICO used to stand for "Fair Isaac Corporation", and they would be contracted by mortgage lenders to determine the likelihood that their debtor will default on their payments.Most private mortgage insurance companies will not provide insurance for borrowers with scores below 660.


How To Find Bad Credit Mortgage Loan Lenders?

This article discusses how Bad Credit Mortgage Lenders can help in a poor credit mortgage situation.


What are the leading Canadian car insurance brokers?

The leading car insurance brokers for car insurance in Canada is Kanetix, they can also provide insurance for travel, home, mortgage rates and credit cards.


Is there insurance that pays mortgage if one of two owners dies?

Yes. It's called Mortgage Life Insurance or Credit Life Insurance and is sold by the lenders. But if you can qualify (no outstanding health problems) it may be cheaper to get a decreasing life insurance policy or a whole life policy on your own.


What are the benefits of getting a private mortgage?

The benefits of an private mortgage are that in some cases you need provide fewer documents when applying and private lenders normally only look an persons credit score to determining if to lend or not based on how your handled your previous repayments to previous loans.


Where can one get more information on conventional mortgage?

Refinancing information can be obtained from a mortgage lender. A bank, credit union, or private lender can help with information about these specific types of mortgages.


Which credit insurance companies in Arizona offer discounts on interest rates?

Credit Insurance companies in Arizona that offer discounts on interest rates are Zurich. One can also compare the mortgage rates with Zillow and Consumer Reports.


How can I get a mortgage with bad credit?

It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.


What is the rate of mortgage insurance?

Let assume any of the mortgage insurance firm. That is going to depend on the amount of coverage, your age, health, gender, and a few other items. It is usually better to deal with your insurance agent on this rather than the mortgage company. If you mean do mortgage insurance, this is a product that insures the lender against default by the borrower. The rate for that product depends on the amount of the loan vs. the property value, the type of loan and the credit score of the borrower.


What effect does a credit score have on a mortgage?

The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.


How do you payoff your mortgage if your spouse dies?

You could use the money from life insurance if she had life insurance. If not, I'm not sure what to tell you...this situation shows the cruelty of loans and credit..


Where can a person go to get information on mortgage lenders for bad credit?

There are a few websites where one can go to get information on mortgage lenders for bad credit. Realtor have an article on how to get a mortgage with bad credit. The Bad Credit Whiz website has a list of the top 10 bad credit mortgage companies.


Is mortgage payable is credit or debit?

credit


What is the journal entry to record accrued interest on a mortgage?

(debit) interest income (credit) (debit) interest income (credit)