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Asked in Insurance, Homeowner's Insurance
Are homeowners insurance quotes needed before purchasing a home?
If you are financing the home purchase through a bank or other mortgage company, you will need to show proof of insurance at the time of closing. I don't think you need to have quotes just to make an offer, but you will need to start getting them if your offer is accepted. ...
Asked in Homeowner's Insurance
Does home owners insurance cover the mortgage if you die?
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 insurance policies and still does what you...
Asked in Insurance, Mortgage Insurance, Loans, Mortgages, Home Equity and Refinancing, Money Management
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. ...
Asked in Life Insurance
What is the purpose of mortgage life insurance?
Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan. ...
Asked in Mortgage Insurance
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. ...
Asked in Loans, Mortgages, Home Equity and Refinancing
Do you have to pay off your home loan before you sell your home?
The mortgage must be paid off at the closing from the proceeds of the sale. ...
Your builder defaulted on his loan What do you do?
If you purchased your real estate subject to the builders own mortgage then you must pay the bank to get a release from the mortgage. A prior mortgage should have shown up in the title examination and should have been discharged before you took title. Did you buy title insurance? If you didn't know about the loan then call your closing attorney to see if it covers the loan you're writing about. ...
Asked in Insurance
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. ...
Asked in Mortgages
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house. ...
Asked in Cars & Vehicles
When do you have to get insurance on a new car?
You need insurance on a new car BEFORE you even drive it off the lot. Get a quote before purchasing the vehicle and have it saved by your agent. Then the day you purchase the vehicle, have the VIN in hand, and purchase the insurance before picking up the vehicle. ...
Do I need to purchase any special Insurance before sending my son to summer football camp?
No, you do not need to purchase insurance. Football is a common sport, and you do not need insurance for it. As long as you have medical insurance, you will be alright. ...
Asked in Disability Insurance, Mortgages
Can you get mortgage insurance that includes life disability and unemployment?
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 for disability and unemployment coverage. <><> Add on answer 02/18/2011- You can...
Asked in Mortgages, Home Equity and Refinancing
Can someone purchase a home and then deed it to you?
Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred. Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property...
Asked in Insurance, Homeowner's Insurance, Mortgage Insurance, Loans, Mortgages, Home Equity and Refinancing, Money Management
How long do you have to be paying on mortgage insurance before it will payoff on a death of one of the mortgage holders?
This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself. ...
Asked in Insurance
How can mortgage payment protection insurance help you?
Mortgage payment protection insurance can help a person if they become unable to make the mortgage payments due to an accident, unemployment, or sickness. There are restrictions in place, so one must check carefully before signing on the dotted line. ...
What happens when the homeowner dies and has PMI insurance before the mortgage is paid in full?
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner. ...
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...
Is a mortgage legal if the broker was not licensed at the time of the closing?
No the Broker was not legal to perform business; unless the Mortgage Banker is working with another lending institution that is licensed. Check their references before moving forward. ...
Asked in Insurance
What is the use of a life insurance mortgage?
Mortgage life insurance guarantees that the borrower's mortgage will be paid off, even if they die before paying the last bill. In theory, this protects the borrower's family from inheriting their debt. However, a mortgage life insurance policy decreases in value over time, in obvious contrast to standard life insurance, making it less useful for someone who expects to continue living for some time. Hence, it is considered by most to be a bad investment. ...
Asked in Real Estate
Can mortgage brokers help people with bad credit get a home mortgage loan?
Yes, a mortgage broker can help people with bad credit get a mortgage loan. They specialize in this area and can facilitate discussions between the buyer and financial institutions. While you will always need to pay for any liens and judgements before closing on a mortgage, they may be able to help you with inaccuracies. Avoid folding these expenses into your mortgage. It will cost you more over time since this type of mortgage will be at a higher percentage of interest...
Asked in Mobile Phones, Insurance
Can you get insurance after your phone breaks?
No. If you have a pre-paid phone, you have to purchase the insurance when you purchase the phone. The cash register will show your purchases with a numbered sequence that you register online or through a phone call after you buy the phone. If it is a contract phone, you can take up to 30 days to purchase insurance, but if you add insurance after your purchase date, you must prove the phone is not damaged before you can buy the...
Asked in Mortgages
Which bad credit mortgage company offer a the lowest closing cost for a high mortgage?
Closing costs are often negotiable. Some are set at a specific fee. For years, closing costs have been scrutinized as duplication of fees and unnecessary expenses. so there has been an effort to lower them. More than just a quoted fee for closing costs, other fees must be considered that may be required but not included under the list of "closing costs." Responsible lenders make sure that applicants have the cash-on-hand to cover closing costs before approving a loan. ...
Asked in Loans, Mortgages, Money Management
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services ...