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Yes, It is typical and customary of all mortgages, does not matter who is doing teh financing.

It sounds like the buyer is assuming the seller's mortage. Assuming the buyer has agreed to assume the seller's mortage, if the contract is silent about the mortgage insurance, then it depends if the mortgage insurance is considered part and parcel of the mortgage, or if it is a separate commercial instrument, and thus severable from the mortage.

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โˆ™ 2015-07-16 19:32:52
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Q: If you are buying a house on contract can the seller make you pay 'mortgage Insurance' on top of the mortgage payment?
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Is it necessary to purchase mortgage payment protection insurance when buying a home?

"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."

Don't Buy Until You Have a 25% Down Payment?

When you are interested in buying a new house, if you are like most people, you will need to take out a mortgage. What people may not be aware of is that with a conventional mortgage if you don't put down at least 20% of the cost of the house, you will have to pay for expensive mortgage insurance. To avoid paying this insurance, you should not consider buying a house until you are sure you can come up with at least a 25% down payment. Not only will you avoid mortgage insurance, but, you'll probably get a better deal on the mortgage.

Is there an age limit in buying mortgage insurance?

Age 65

Are you required to keep home insurance after bankruptcy discharge?

If your still buying the house and you still owe the mortgage company then Yes. It is a part of your mortgage contract. Failure to comply with the terms of your mortgage contract will put you in default on your mortgage and subject you home to foreclosure. It has nothing to do with whether you filed a bankruptcy or not, it's a totally separate issue.

Who pays the insurance on the home when its owner financing?

Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.

What does pmi stand for when buying a house?

It stands for Private Mortgage Insurance. :))

Should I buy mortgage insurance?

In some cases, you are obligated to by the lender to buy mortgage insurance. However, if given a choice you are better off buying an insurance that covers a variety of needs and is not just limited to one specific area such as mortgage.

Where can one receive a no down payment mortgage?

You can receive a no down payment mortgage a few ways. Depending on the area in which you are buying, it may qualify for government funding. Another way is if you qualify as a military veteran.

What is a monthly mortgage payment?

A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.

What are different types of mortgages, and which is right for me?

A sub prime mortgage is a mortgage that would be right for you if you are looking to pay a lower prime rate for your payment after buying your new home.

What are the advantages of making a lump sum payment when buying a house?

There are many advantages to making a lump sum payment when buying a house. A couple of the advantages are it lowers the design and contract administration costs.

Where can I find information and advice on residential mortgage services?

Residential mortgage services are basically just companies or banks that offer loans for buying a house. A mortgage is the monthly payment you make on your home, and banks will help you with this.

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