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Is it illegal for mortgage companies to require you to carry flood insurance if you are in zone x?
Wiki User
∙ 16y ago
Yes it is legal. You probablly agreed to it when you signed the finance note.
Wiki User
∙ 16y ago
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Do you need homeowners insurance before closing?
Yes, Mortgage Finance Companies require that Your Home Hazard Insurance Policy be in place before you can close the sale.
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
Which mortgage loans require mortgage insurance?
FHA Loans is the one who required mortgage insurance as in protection to the banks and lenders. While in conventional loan, PMI or private mortgage insurance is required for those borrowers with less than 20% equity.
Will refinancing your mortgage remove the mortgage insurance from your loan?
Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.
Do I need homeowners Insurance after I pay off my mortgage?
Only a lien holder can require a borrower to carry insurance.
Do you need homeowners insurance before closing?
Yes, Mortgage Finance Companies require that Your Home Hazard Insurance Policy be in place before you can close the sale.
Do people in tornado alley have to have tornado insurance?
It's not generally a law, however, mortgage companies would require it to approve financing.
Am I required to have a homeowner insurance policy?
Unless you've totally paid off your house, mortgage companies will generally require you to have a homeowners policy.
Is it illegal not to have home owners insurance on your house?
It's not illegal in that it does not violate the law. However, the contract documents that you signed in order to get your mortgage likely require you to maintain such insurance and to have it as a "loss payee" on the policy. If you do not maintain homeowner's insurance as required, the lender has the right to obtain "forced-placed" coverage to protect its interest in the property. It is limited in scope, far more costly than traditional homeowners insurance, and will be billed to your mortgage balance.no one will come and arrest you but if you have a mortgage and your insurance
Do you have to carry mortgage insurance?
No you don't have to, but you would be a fool not to carry enough insurance to cover your mortgage! However, most mortgage lenders do require it, and if so, they will not make the loan if you refuse to carry the mortgage insurance. In that case, the choice is yours.
Which mortgage loans require mortgage insurance?
FHA Loans is the one who required mortgage insurance as in protection to the banks and lenders. While in conventional loan, PMI or private mortgage insurance is required for those borrowers with less than 20% equity.
What is PMI Insurance mean?
Private Mortgage Insurance is extra insurance that lenders require from most homebuyers who obtain loans.
Will refinancing your mortgage remove the mortgage insurance from your loan?
Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.
Do I need homeowners Insurance after I pay off my mortgage?
Only a lien holder can require a borrower to carry insurance.
What insurance companies require gutters?
prostitutional facilities
What is hazard insurance for a mortgage?
Hazard insurance protects a homeowner against the costs of damage from fire, vandalism, smoke and other causes. When you take out a mortgage, the lender will require you to take out hazard insurance to protect their investment; many lenders will incorporate the insurance payment into your monthly mortgage payment.
Do you have to have home insurance in Colorado?
Home insurance is not required by any state law. Typically only a mortgage company will require home owners insurance.
