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Do u really need mortgage insurance? Do u have any other life insurance policy? If yes, then that policy is sufficien. Just check that its amount is enough to cover your CURRENT mortgage amount. feel fre to contact back. Answer Mortgage insurance is usually required by the lender if the loan is in excess of 80% of the loan value of the property. A mortgage insurer is usually an investor or a group of investors. In most states there is no requirement for mortgage insurance when the loan is 80% or below the value of the property. A simple letter to the lender will usually get the mortgage insurance cancelled. If your home is in an area where values are increasing rapidly, then it is quite possible that you will have enough equity to drop the MI after only 2 years. Contact your lender

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โˆ™ 2014-11-08 08:30:48
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Q: What mortgage insurance can you cancel after paying it for 2 years?
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Related questions

Can your dad cancel your health insurance because he is mad at you you are a full time college student and I am twenty years old?

If your Dad is paying your premium for you, then he can stop paying the premium anytime he decides, which in turn will cancel your coverage.

How long do you pay for mortgage insurance premium?

You have the option to get a mortgage insurance for the length of your mortgage contract, or you can choose 10 years, 15 years, 20 years, 40 years, etc.

In what countries is PMI mortgage insurance available?

Private Mortgage Insurance has become available in nearly every country in the world in the past ten years. The laws pertaining to mortgage insurance varies of course in every country.

How much will your credit scores increase after paying off a mortgage?

Your credit score will decrease after paying off your mortgage if everything else remains the same. Our credit score has been decreasing since paying off our mortgage 5 years ago. The suggestions for increasing our credit score were to take out a mortgage or take out a car loan.

Is there a statute of limitations for mortgage insurance claims?

Apparently there is a statute of limitations of a mortgage in Maryland of 9 years after the last payment was due.

Can an employer cancel the medical insurance of an employee who refuses to pay their 40 percent monthly share of the insurance premium?

Of course. Wouldn't you stop providing service to someone who stop paying for the service. As a matter of full disclosure, I own and operate a small Independent Insurance Agency in Georgia and have for 22 years. I also was an agent for a direct writer insurance company for 3 years prior.

How many years does it take before you can drop a private mortgage insurance?

It's not a matter of time. When you have equity of 20% or more of the total asset, you can petition the mortgage provider to drop its requirement for the insurance.

How many years of paying your mortgage do you pay off the principal?

All of them in gradual stages..... and a TON of interest...

What is the probability of flooding within the 30 years that you are paying on the mortgage?

either 25% or 75%...try both

How can I pay off mortgage fast?

You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30. If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.

Can you get money back on your life insurance policy if the company cancelled the policy after 15 years of paying?

Why did the company cancel? If you paid your premium, they can't. Was it a whole life, permanent, Universal Life or term policy. If term, there is no cash value.

How do you pay off your mortgage faster?

You can pay off your mortgage faster by paying extra to the principal typically through making extra payments or paying extra each month. For example, a $200,000 mortgage at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 104, or 8.67 years, and reduces the interest and total paid by $61,160.51. On the same loan, paying $300 extra per month reduces the number of monthly payments by 135, or 11.25 years, and reduces the interest and total paid by $78,258.26. A significant reduction in both interest paid and length of the mortgage.

Where does most of the money go in a mortgage?

In the typical 30 year mortgage, the first 20 years are mostly paying interest on the loan. You can expect to pay about 2.5 times of the original mortgage price for the life of the loan.

Where to buy mortgage life insurance?

You should never buy mortgage life insurance. It is an expensive simplified issue term policy. Just buy a regular term life insurance policy. Find an independent agency and have them run you quotes on whatever amount is your mortgage plus living expenses for your family for 5 or 10 years.

How to cut down the years of 30-year mortgage?

You can refinance the mortgage. You can pay additional principle each month. This will reduce the overall cost of the mortgage. By paying double the principle amount each month, you eliminate a payment at the end of the mortgage time.

If you're doing an FHA loan are you obliged to get FHA mortgage insurance?

Yes, FHA Loans all have mortgage Insurance.Removal of FHA Mortgage Insurance: * For mortgages with terms more than 15 years, the annual mortgage insurance premiums will be canceled when the Loan to Value ratio reaches 78%, provided the mortgagor has paid the annual premium for at least 5 years. * For mortgages with terms 15 years and less and with loan to value ratios 90% and greater, then annual premiums will be canceled when the Loan to Value ratio reaches 78%, regardless of the amount of time the mortgagor has paid the premiums. * FHA Loans with terms 15 years and less and with loan to value ratios of 89.99% and less will not be charged annual FHA mortgage insurancepremiums.

What does extra mortgage payments do?

Do you mean paying MORE than your minimum payment? Paying more than your minimum payment is a good idea on your mortgage, if you can afford it. It will decrease the amount of time you have your mortgage and lower the overall amount of money you end up paying towards interest. Paying extra on your loan creates more savings the earlier you do it. Example: On a 300,000 loan at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. That is a huge cost savings to you.

What is a decreasing term life insurance policy?

A decreasing term life insurance policy is one that offers a steadily declinintg life insurance benefit as the years go by. This kind of policy is often called "mortgage protection" term life insurance and is often bought for a length of time that matches one's mortgage period.

How To Save On Mortgage Insurance ?

Mortgage insurance, also known as private mortgage insurance or PMI, is a mortgage guarantee insurance provided by a private insurer. The policy is security for your mortgage company or lender in the event that you are not able to make payments on your mortgage loan. In other words, if you default on your mortgage payments the insurer will compensate the mortgage company for their financial loss.Generally speaking avoiding PMI, entails coming up with a 20% down payment when purchasing your home to avoid paying a mortgage insurance premium.PMI charges vary slightly but as a homeowner you can typically expect to pay about $40-$50 each month per $100,000 financed. For example, for a $200,000 loan you might pay almost $100 per month in mortgage insurance or over $1,000 each year. Clearly, the larger your mortgage payment is the larger your mortgage insurance payment will be.Keep in mind that that once you reach a 20% equity position in your property, you can have your property reappraised and your mortgage insurance payment can be eliminated. In rapidly appreciating real estate markets this process may only take two to five years. This is one way to save money with mortgage insurance; keep track of your equity position and request to have your PMI payment dropped when you reach 20%. Remember that mortgage insurance premiums are not tax deductible and this is one more reason you want to get rid of your PMI payment as soon as possible.Mortgage Insurance And The LawAll home mortgages executed on or after July 29, 1999, must - with certain exceptions – terminate PMI automatically when you reach 22 per cent equity in your home if your mortgage payments are current. This 22% position is based on the original property value. Your mortgage insurance also can be canceled, upon your request - with some exceptions - when you reach 20 per cent equity in your home based on the original loan to value ration, again, if your mortgage payments are current.One exception to the above-referenced scenario is when your loan is considered high-risk. Another exception is when you have not been current with your payments within the year preceding your request for termination or cancellation of your mortgage insurance payment. A third exception to the rule occurs when you have other liens on your property. For these other loans, your lender is permitted to continue assessing mortgage insurance payments. Check with your lender or mortgage servicer (the company that collects your mortgage payments) for more specific information concerning these requirementsSecond Way To SaveA second option is available when it comes to saving on mortgage insurance payments (or avoiding them altogether) is obtaining a second loan to make up the short fall. If you have a 5% down payment available you can usually obtain a second mortgage for 15% to avoid a mortgage insurance payment. Be cautious with this approach as many unsuspecting homeowners end up paying more for their second mortgage than they would if they simply paid the PMI. Double check all of your financial assumptions when going this route. It may even be in your interest to check with your trusted financial professional.

What do i do when a mortgage account is showing up on my online banking when i only cosigned i have BOA and the loan is with a carrier through BOA I'm not the primary can escrow fix this?

You cosigned the mortgage. If the are now taking the money out of your account to pay the mortgage, it means the other people are no longer paying their mortgage. First: You should contact the other people and see if they actually are skipping payments. If they are skipping payments, then since you cosigned the mortgage the bank will take the money from your account to pay the mortgage. Second: If they are paying the mortgage, you should contact the bank and find out what is wrong. Third: No. Escrow will not fix this. Escrow serves a totally different purpose. It is a way to spread out the taxes over a year's time. 1/12 of the years taxes and insurance are put into an account.

What can a mortgage company do if mortgage had not been paid in 4 years?

What can a mortgage company do if mortgage has not been paid in 4 years

What resources are available to make obtaining a first home mortgage a little simpler?

Banks are a very good resource to obtaining a first home mortgage. They will help you from the very start but choose wisely and go to many banks ask for their deals. Don't be afraid to ask your friends and family for their mortgage rates and default insurance. Sometimes paying down a mortgage is faster and you'll gain strategies just by asking the bank. If you start now you'll be mortgage free years sooner. You'll be innovative and make life easier if you pick the right bank.

How do you cancel an iphone 3gs plan without paying etf or early termination fee if my dad's been a user of at and t for 12 years?

you can't

Will my mortgage insurance payout as my husband committed suicide recently our policy had been running ofr 4 years 5 months?

Yes, contact the insurance company claims department.

What is the maximum years for a mortgage?

For how many years I can get my mortgage? (25,30, 35 or 40 years in Canada)