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."
Mortgage payment protection is really a form of life insurance that you can purchase from many specialty insurers. Often times your bank can refer you to a company that offers this service.
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.
It is the Homeowners responsibility to provide property hazard insurance under the terms of your mortgage. If the Mortgage company has to purchase it for you then it means your already in violation of your Home Finance Contract and subject to default.
Mortgage insurance For mortgage - I don't know of any companies that offer unemployment coverage other than through the State, those links are on the disability page. If you are self employed you can get unemployment and disability at your option through the State (CA) if your an employee, it's mandatory <><> New answer 11/07/08 - if you are talking about private mortgage insurance, yes there are companies that offer PMI that have an option… Read More
A purchase money or first mortgage is the mortgage granted in order to purchase the property. It usually indicates that the title was examined, a certification of title was issued by an attorney and a title insurance policy was written.
Life insurance is an important protection to have. Canadians can purchase life insurance through a local independent broker, or online at LSM Insurance.
Depends on what insurance is being carried. Most mortgage holders require individuals to purchase insurance to cover the balance if there is less than 15 or 20% equity being held. If you aren't carrying PMI on the mortgage, you could obtain private life insurance that can be used to pay off the mortgage.
They would typically purchase their own insurance for you and charge you for it. The bank insurance is usually extremely expensive.
If you have an outstanding mortgage on your property at the time of your death the lender will take the property if the mortgage isn't paid. You can purchase some type of mortgage insurance or life insurance to pay off the mortgage in the event of your death. Otherwise, your heirs will need to pay it if they want to keep the property.
Pet protection insurance is purchased from insurance companies who offer the service. This can be purchased directly from the insurance companies who offer the service, or through your local vet.
Numerous insurance companies in the United States offer protection and insurance against flood and water damage. One can purchase such insurance from 'NBC Insurance' or 'RBC Insurance'.
Yes, there is depending I believe that you lost your job and did not quit. Through your present mortgage lender.
when the down payment is under 20% of the homes purchase price -kaya :)
yes..unless you are making a 20% downpayment on your purchase or have 20% equity on a refinance.
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… Read More
No, sorry! It just means that if you lose your home to the bank and they can't sell it for what your mortgage is worth (plus expenses), the BANK won't lose by it! So you pay the BANK'S insurance premium to protect THEIR interests, not yours. You can purchase 'Income Protection' insurance for yourself, so that you should never be in a position to lose your home, even if you do lose your livelihood. It… Read More
NO, But if you live in a designated "Flood Zone" and have financed your home through a mortgage company, then it is probably part of your mortgage contract that you signed with your lender that you would maintain a flood insurance policy until you pay off the mortgage note. If you fail to purchase the required coverage you are in breach of contract with your mortgage lender. By law and by the terms of your… Read More
The Discover card offers its users several benefits. These included travel insurance, baggage delay insurance, purchase protection, return guarantee and price protection.
Online mortgage quotes can help to give you an idea of how much money you are able to borrow, as well as telling you what interest rate you qualify for, and if you will need to purchase Private Mortgage Insurance (PMI).
It depends on the agreement, in some cases yes because if you are paying for the house through mortgage then they want to make sure that everything is able to be replaced if it breaks, but in most cases no, your insurance is separate to the mortgage so you don't need to worry
If the Homeowner has died you should notify the Insurance Company. Any policy issues can be handled by the estate executor. If you are an heir to a property in a jurisdiction that does not require transfer of deed until disposal you may purchase coverage as the owner. You should also contact The Mortgage Company. The deceased may have purchased credit life option on the mortgage finance note at the time of purchase. If So… Read More
PMI is not a product that you purchase from an insurance agent like myself. It is an insurance policy that covers the bank if your mortgage is foreclosed on. Generally PMI is required by the bank if you are financing 80% or more of the value of the home. The insurance covers the bank but you are required to pay the premiums. After your mortgage balance falls below 80% of appraised value you can and… Read More
Insured Property Valuation In the united States there are two valuations that can be used to purchase your homeowners insurance coverage. ACV (Actual Cash Value) or RC (Replacement Value). If you are wanting to insure just the amount you we on a finance or mortgage note, That would be called mortgage insurance, not homeowners insurance. .
An insurance company offers insurance or protection to the public. For instance, if you want to protect your home from theft, fire and other types of damage you would purchase insurance.
No. Homeowners insurance provides property and liability loss insurance. It is not life or disability insurance. You can purchase a term life insurance policy that decreases in coverage along with the mortgage balance on your home. You can even purchase a joint policy that would pay the house off when the first person (like and husband and wife) dies then the policy would cease. This type of policy is cheaper than purchasing two seperate life… Read More
From what I understand, you need at least 620 to obtain mortgage insurance and brokers generally won't close without the insurance if you're trying to purchase a home. The confusing part is FHA approvals are for those with a score of 580+ so why isn't mortgage insurance offered at that point?
CIBC does indeed offer travel insurance. One may also purchase creditor insurance from CIBC as well as apply for a credit card, open a bank account and apply for a mortgage.
You would use a Coldwell Banker mortgage calculator to estimate your monthly payment on a mortgage. To estimate the monthly mortgage payment you need to enter the purchase price, down payment, interest rate, property taxes, insurance, and mortgage term.
One may want to purchase Trike Insurance to ensure that one would receive protection from financial loss if one gets into a car accident with one's motorcycle.
Professionals purchase error(s) and ommission insurance to have protection against claims against them of faulty services in which a monetary value can be affixed according to damages incurred.
Credit card protection is a form of insurance which an individual can take out with an insurance company. If the individual becomes unable to pay off their credit card debt due to illness or redundancy for example, the insurance will cover the debt.
Your lender may well require title insurance. It protects you too, and it's not usually too expensive in the scheme of things. Your lender will typically require a Mortgage Policy coverage for any loan that will be in a first lien position or a high dollar HELOC (Home Equity Line of Credit). Please note that the Mortgage (Lender's) Policy does NOT cover you. It covers the lender only, and only for the life of the… Read More
Typically Yes. Dentists can often provide services that present a financial exposure that needs the protection afforded by a good insurance policy.
registration insurance title drivers liscence
"Mortgage insurance" is just term life insurance, and the salesman will usually try to include everything possible in order to write a bigger policy. You would be better served to restrict this to the new asset, and best served to get your own term life policy and assign it to the lender.
Assuming that the "New Hampshire Health Insurance" was meant here. Actually the best way in order to purchase such a New Hampshire Health Insurance would be to go to the related New Hampshire government website and select to corresponding "Insurance Department" link. There one can find all necessary information in order to apply and purchase a health insurance.
Is it legal for the bank to require you to purchase home owners insurance for 3 times the value of the loan?
Your homeowners insurance in the United States must by law cover the value of the home being insured with no more than a 20% deviation. This may be more or less than the amount of your loan. No insurer will knowingly sell you a home insurance policy below the home value as such an insurance contract would be invalid. Homeowners insurance is for the home, not for the loan. You can purchase your homeowners insurance… Read More
A lienholder may purchase what is called Collateral Protection Insurance in the event the debtor fails to provide collision insurance. Remember, the lienholder is not concerned with the liability insurance policy that the state requires. They are only concerned with you maintaining insurance that protects their investment in the vehicle. If you are pulled over by the police, the Collateral Protection Insurance will not be adequate insurance for the polie. The police are looking for… Read More
You need to be at least 18 (or a legally emancipated minor) to enter into a contract, such as a home purchase. There is no upper limit on age for cash purchasers, although some mortgage companies might be reluctant to grant a mortgage with a low down payment to someone over 70. (A youthful co-owner might help, or mortgage insurance.)
GAP (guaranteed asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It's purpose is simple: If your car is totaled, gap insurance will cover the difference between what your insurance company says your car is worth (actual cash value) and what you still owe on… Read More
Your security deed or debt deed requires you have fire & hazard insurance. If you fail to show proof to your lender they can "Force" insurance on your property...and it is always MUCH higher than if you get it yourself. It is done to protect the lenders interest in the property in the event something like a fire destroys the home. If you are talking about mortgage insurance and not homeowners insurance then it is… Read More
ISO ratings determine the cost of your homeowners insurance. The higher the protection class rating, the higher the premium. Some companies will not write properties in higher protection classes so this also limits your ability to purchase insurance.
Do you have to pay mortgage insurance premiums if your house appraises 20 percent higher than your loan amount?
In general, the private mortgage insurance (PMI) threshold is based on the value of the house at the time that the mortgage is written. You can request to cancel PMI if you pay down the mortgage to 80% or less of the original appraisal value or the original purchase price, whichever is less. The law does not require lenders to consider later appraisals, but some may be willing to do so.
Is it necessary to have insurance for a motorcycle when you purchase one and not currently have a license?
no it's not nessesary as long as the bike is on your property if it's in the street then it needs insurance if it's in your backyard then your straight
Your mortgage company wants you to insure for the value of the loan but you think insurance should only cover the replacement cost of the structure what is the minimum coverage required?
You have to have it insured for at least the amount of mortgage. That is the mortgage companies "insurance" that it will be paid for if it is totally destroyed. Answer If you agreed to insure your house for the amount of the mortgage when you obtained your mortgage then you are bound by that agreement and will have no choice but to comply. Actually, the purpose of homeowner's insurance is not to insure the… Read More
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They… Read More
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).
There are a number of insurance companies that offer life insurance for the elderly. However, the premiums for such plans can be very expensive. Some insurance companies that offer life insurance polices to the elderly are ProFam Insurance Services, Mozdex Insurance Group and Canada Protection Plan.
ID theft protection can be purchased online, over the phone, or at a local office. To find and compare different services, check online or call your insurance company.
There are a number of ways to find mortgage life insurance leads. One could try cold calling or direct mailing. However these approaches are inefficient as one is relying on luck to find people with a mortgage who want to buy insurance cover for it. This is a relatively small group of people. A more effective way to find leads is to purchase them online. A number of companies provide insurance leads which they have… Read More