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The insurance company.
Mortgage insurance premiums may be tax deductible. To qualify, the insurance policy must be for home acquisition debt on a first or second home. Home acquisition debt are loans whose proceeds are used to buy, build, or substantially improve your residence. Thus mortgage insurance policies on cash-out refinances and home equity loans won't qualify for the deduction.
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Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
What does PITI stand for in insurance?
PITI is normally used in conjunction with mortgage payments, standing for Principal, Interest, Taxes and Insurance.
What is simple mortgage?
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
What are the advantages of having mortgage life insurance cover?
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
Do Mortgage insurance premiums payments have be escrowed by the lender?
Yes, Mortgage Insurance Premiums Payments do have to be es-crowed by the lender.
Can you get insurance to pay your mortgage while the house is being rebuild if there is a fire?
No, Your homeowners insurance is a type of "Hazard Insurance", you must continue to make your mortgage payments as usual. If your policy contains "Loss of use" coverage, then your insurance will cover the cost of temporary housing within policy limits, allowing you to continue making your mortgage payments.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
Where can I get mortgage payment protection insurance?
You can find insurance to cover your mortgage payments by going to the local branch of your bank and sitting down with a financial planner to see what options are available.
What does PITI stand for in insurance?
PITI is normally used in conjunction with mortgage payments, standing for Principal, Interest, Taxes and Insurance.
You have motgage insurance through your leander. you become disabled will they make your payments?
Mortgage insurance protects the LENDER ONLY. If your house were to burn down, they want to make sure they get their money. You are afforded NO coverage by mortgage insurance.
What is a mortgage payment calculator?
A mortgage payment calculator will calculate your monthly mortgage payments. You can find a full list of helpful information at: www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
What services does cenlar mortagage have?
Cenlar is a subservicing company. A company that provides mortgage subservicing will collect your monthly mortgage payments and maintains your escrow account for tax and insurance payments. Many banks use them to handle the maintenance of their mortgage loans.
What is simple mortgage?
A mortgage is simple if it lacks complexities such as adjustable rates, balloon payment at end, mortgage insurance, reverse mortgage, second mortgage, etc. Fixed payments over fixed time-frame.
What are the advantages of having mortgage life insurance cover?
Mortgage life insurance gives a person a lot of benefits like covering your loan to the bank and mortgage is paid in full, and also the house will be fully repaid and the rest of the family will have peace of mind from making mortgage payments.
What is the definition of the reverse mortgage?
An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse-annuity mortgage or home equity conversion mortgage.
Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
