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When you refinance a mortgage can you get a refund on title insurance paid on the existing loan either lender's or owner's policies?
Wiki User
∙ 13y ago
In many states, there is a discounted refinance rates for the premium. Ask the title insurance agent who is doing the new Mortgage Policy if you qualify for a discount.
There are no discounts that I know of, on an Owner's Policy, since when a new Owner's Policy issued, it means the property and chain of title, has transferred hands.
Wiki User
∙ 13y ago
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Where can someone obtain a mortgage insurance policy?
One can obtain a mortgage insurance policy from many different companies. Some examples of companies that offer mortgage insurance policies include Prudential and United Life Direct.
What term policy are often found in a mortgage insurance?
Typical term policies in mortgage insurance include terms on the homeowners out of pocket deductible before a claim can be paid out by an insurance company. Also it will often list what is covered and what is not. Flood insurance is not typically covered and costs extra.
What mortgage protection policies would the average homeowner need?
Not every person needs mortgage protection insurance. It is typically used to pay your mortgage with your life insurance policy. That money would probably be better spent on your family who can spread the money out for food and utilities.
Does mortgage insurance usually pay off a house if one dies?
This insurance covers the mortgage debt if you should face an untimely death before it is paid. There are life insurance policies that carry optional mortgage coverage insurance that in many cases are more beneficial than what you would receive from your bank. Do some shopping around before making any decisions.
Why should you have title insurance?
Title insurance can protect and insure the homeowner and mortgage lender. Typically their are two title insurance policies issued at the time of a sale. One for the owner and one for the mortgage lender. The owner does not legally have to buy the owners policy but lenders will require a lenders policy to protect their interest in the property. The reason you have title insurance is to insure against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. The coverage is provided for both "on record" and "off record" issues, defects or problems. There is a long list of reasons for claims to be made. Misfiling, recording errors, procedural requirements, local requirements and many more. Please note title insurance does not cover future risks like most forms of insurance. Only risks existing at the time the policy was issued are covered.
Where can someone obtain a mortgage insurance policy?
One can obtain a mortgage insurance policy from many different companies. Some examples of companies that offer mortgage insurance policies include Prudential and United Life Direct.
How mch is mortgage insurance?
Depends on your principal, state & if other policies with same carrier.
East West Mortgage charge closing costs on refinances?
Call East West Mortgage to find out about the policies regarding closing costs. Every lender has specific policies about closing costs, what is included and how the fees are handled. If you are considering a refinance with East West, you should phone them and get the information straight from the source.
What term policy are often found in a mortgage insurance?
Typical term policies in mortgage insurance include terms on the homeowners out of pocket deductible before a claim can be paid out by an insurance company. Also it will often list what is covered and what is not. Flood insurance is not typically covered and costs extra.
Do homeowner insurance policies typically include flood coverage?
There is no requirement, but your mortgage company may require a certain amount of coverage that both policies will have to match.
What jobs are out there for an insurance agent?
As an Insurance Agent, you will sell auto insurance to both new and existing customers, and will also provide our existing customers with service on their policies. You will work out of our company office and ensure consistent customer satisfaction as you meet their auto insurance needs.
What mortgage protection policies would the average homeowner need?
Not every person needs mortgage protection insurance. It is typically used to pay your mortgage with your life insurance policy. That money would probably be better spent on your family who can spread the money out for food and utilities.
Does mortgage insurance usually pay off a house if one dies?
This insurance covers the mortgage debt if you should face an untimely death before it is paid. There are life insurance policies that carry optional mortgage coverage insurance that in many cases are more beneficial than what you would receive from your bank. Do some shopping around before making any decisions.
How long does it take a bankrupt insurance co to do a runoff?
Depends on the type and length of the policies (yearly car policy vs. mortgage insurance vs. whole life).
The Value of Mortgage Insurance to All Consumers?
Many people do not realize the importance of purchasing a mortgage insurance policy. A mortgage insurance policy is even more important than the things that are in the home, considering if something happens to default the mortgage loan, the lender is protected. With mortgage insurance, the insurance company basically becomes the beneficiary in the case of any default against the borrower although the borrower purchases the insurance and pays the premiums. Also, many homeowners or buyers do not know that mortgage insurance is a necessity or requirement when it comes to getting any type of home loan to purchase a property. There are two main types of mortgage insurance, Private Mortgage Insurance and Mortgage Protection Insurance. With Private Mortgage Insurance or PMI, if a consumer doesn't hold at least twenty percent equity or cannot put a twenty percent down payment on the mortgage loan a PMI may become a requirement to get any mortgage loan. This is because the PMI is used to protect the lender against any loss in case of default. There is Borrower paid PMI which is where the consumer pays an insurance premium. There is also Lender paid PMI which means the lender pays for the PMI and the lender recovers any premium costs by adding it to the mortgage loan interest charges. The second type is Mortgage Protection Insurance. This type is available in the case that the consumer cannot make their monthly mortgage payments due to financial hardships, illnesses or injuries and other such issues. Within this category is Mortgage Life Insurance which covers the remaining amount of the mortgage loan in case of death. There is also Mortgage Disability Insurance that covers the consumer in the event that the person becomes physically disabled. This coverage usually only pays about fifty to seventy percent of the person's yearly salary towards mortgage payments. A consumer may also get a combination of Life and Disability Mortgage Protection, but it is wise to compare different policies and be knowledgeable of the policies before committing to them. In conclusion, Mortgage insurance policies are in place to protect the lenders but also have options such as the Life and Disability Protection policies to protect the consumer. In any case, every consumer should research the differences, ask questions about premium costs and coverage and not settle for merely one policy if the others may be available to them.
How does one get building contents insurance?
In order to obtain building contents insurance, one needs to own a building and add it to their insurance policy. It can be added to almost any pre-existing insurance policies.
Why should you have title insurance?
Title insurance can protect and insure the homeowner and mortgage lender. Typically their are two title insurance policies issued at the time of a sale. One for the owner and one for the mortgage lender. The owner does not legally have to buy the owners policy but lenders will require a lenders policy to protect their interest in the property. The reason you have title insurance is to insure against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. The coverage is provided for both "on record" and "off record" issues, defects or problems. There is a long list of reasons for claims to be made. Misfiling, recording errors, procedural requirements, local requirements and many more. Please note title insurance does not cover future risks like most forms of insurance. Only risks existing at the time the policy was issued are covered.
