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