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
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.
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.
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.
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.
All of them in gradual stages..... and a TON of interest...
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.
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.
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.
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.
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.
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.
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.
All of them in gradual stages..... and a TON of interest...
either 25% or 75%...try both
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.
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.
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.