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Do you have another life insurance of sufficient amount to cover mortgage, then you do not need extra mortgage insurance. Any way it is also a simple life insurance policy, just named differently to get more business. It is not essential.

Life insurance is not private mortgage insurance (PMI) PMI covers the lender if you default on the loan. Basically you are paying for insurance for the lender. Once the loan is 80% or below the property value the lender will usually cancel the requirement for PMI.

You do have the right you choose your own private mortgage insurer, as long as they are approved to do business with your lender. You can ask your lender for the premiums of each of their carriers and decide for yourself which you want to use. The prices from various carriers are virtually the same for borrowers with good credit, however if you have poor credit the rates can vary widely and it is worth your time to as the question.

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โˆ™ 2015-07-17 17:56:37
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Q: Where do you find the best prices on mortgage insurance?
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When looking to find the best and most current information on mortgage insurance it might be an idea to speak with the mortgage provider for the property the insurance is required for. Another way might be to view comparison websites such as Money Supermarket who offer information on many companies that provide mortgage insurance.

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