Mortgage Insurance

Mortgage insurance protects investors or lenders for losses due to mortgagor’s default on payments or death. It can either be mortgage life insurance, private mortgage insurance or mortgage title insurance depending on the insurer.

816 Questions
Insurance
Mortgage Insurance
Loans
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Money Management

What are the mortgage insurance requirements in Nebraska?

There are no "requirements" as in you are required to get it unless you mean Private Mortgage Insurance. 2 different things.

I'll assume that you mean mortgage insurance since that is how your question is phrased. The requirement for mortgage insurance is set by the lender at the time you originate your loan. If it is required to get approval for your financing, then it is not optional. In the state of Nebraska you can ask that the MI be cancelled once you have paid your mortgage down to 80% based on the original value of the property or when you can show that the property has appreciated enough to show a current loan to value of 78% through appreciation.

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Auto Loans and Financing
Insurance
Mortgage Insurance

Where can you get mortgage insurance quotes?

You can contact an insurance agent in your local yellow pages to request quotes, or use an online mortgage insurance quote provider that has access to a network of insurers to provide you with quotes.

Most mortgage insurance companies have online mortgage insurance calculators. Google mortgage insurance calculator along with the name of the mortgage insurance provider (i.e. Radian, RMIC, United Guarantee, Genworth, etc.)

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Insurance
Mortgage Insurance
Loans
Mortgages
Money Management

What mortgage insurance can you cancel after paying it for 2 years?

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

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Homeowner's Insurance
Mortgage Insurance

What if the amount of insurance is greater than the payoff value of your home?

Well.........!

It's common, Many people have more equity in there home than they owe on it.

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Insurance
Mortgage Insurance
Loans
Mortgages
Money Management

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.

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Insurance
Mortgage Insurance
Loans
Mortgages
Contract Law

If you are buying a house on contract can the seller make you pay 'mortgage Insurance' on top of the mortgage payment?

Yes, It is typical and customary of all mortgages, does not matter who is doing teh financing.

It sounds like the buyer is assuming the seller's mortage. Assuming the buyer has agreed to assume the seller's mortage, if the contract is silent about the mortgage insurance, then it depends if the mortgage insurance is considered part and parcel of the mortgage, or if it is a separate commercial instrument, and thus severable from the mortage.

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Mortgage Insurance
Loans
Mortgages
Money Management

Which mortgage company would receive a check that was issued for hurricance damage during a refinancing?

These types of checks are often given directly to a mortgage company - to ensure that the work is done and the damages are fixed. The check would most likely be issued to the mortgage company that the insurance company has on file. It will be up to you to keep your agent or insurer informed of the details regarding the refinancing.

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Insurance
Mortgage Insurance
Loans
Mortgages
Money Management

Where do you find the best prices on mortgage insurance?

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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Insurance
Mortgage Insurance
Loans
Mortgages
Money Management

If land is in a non-rebuildable flood zone is there another insurance besides floor insurance that can would pay the remaining mortgage?

If your house is a "write off" normal coverage limits should cover it under your F&C insurance. All states differ.

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Mortgage Insurance
Home Equity and Refinancing
Deeds and Ownership

Is good credit required to get a quitclaim deed transfer?

You don't need good credit to be the grantee in a quitclaim deed but you do need good credit to borrow money to buy the property.

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Medical Insurance
Mortgage Insurance
Credit Reports

What is a Referral Code?

Referral Code

A referral code is a string of letters and digits used to identify an associate website to another site it links to.

Example:

You enter an agreement with Amazon that you will link to Amazon books on your blog. In return you get some money per click or per book bought by people coming from your blog.

For this to work, Amazon needs to know which of their visitors came from your blog, so you get a referral code: Your ID in the Amazon system.

Referral codes are used by adding them to the links on your site, so an example link "amazon.com/book1" could be turned into "amazon.com/book1/ref=abc", where "abc" is your referral code.

Someone clicking the link on your blog would then use the special link with the referral code that tells Amazon they came from you.


A referral code is a option thing for when you sign up or get BC, when getting BC the persons name you put in the box will get 400 Robux for free and so will you!

When signing up and you type the name of a person its actually asking you told you to sign up to ROBLOX.

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Insurance
Mortgage Insurance
Loans
Mortgages
Money Management

Is Lender-Paid Private Mortgage Insurance part of APR?

Just think about it........!

If the borrower paid the MI premium, and the resulting APR increased in order to reflect the true cost of credit, then it no longer matters which party makes the payment because the premium in and of itself is the cause of the increase in APR.

Remember that the lender paid MI is an insurance policy purchased in order help the lender ensure a certain minimum recovery rate, thereby enabling the lender to loan monies at a rate of interest normally attributable to transaction with relatively less risk; therefore, the MI, irrespective of type and payment origination, is in effect no different than charging points.

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Mortgage Insurance
Loans
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Foreclosure
Deeds and Ownership
Money Management

If we have a Joint mortgage one dies no insurance can lender foreclose?

If two people granted the mortgage and one dies the other is responsible for paying the debt. If the debt is not paid the bank can foreclose and take possession of the property.

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Mortgage Insurance
Mortgages
Credit Reports
Credit

What does the plus symbol next to the score on a credit report mean?

This depends on where you got the credit report. Different companies use different symbols.

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Life Insurance
Mortgage Insurance

How do you go about contacting Southwestern Life Insurance Company Dallas TX am the owner of a paid up policy with this company and am in need of a telephone number that they can be used to reach them?

The company seems to have gone (or been put) out of business according to the website of the Texas Department of Insurance, and lost its Certificate of Authority to transact business in Texas.

Additionally, it seems to have no assets. Nonetheless, you may want to contact the Division of Liquidation and Rehabilitation (check proper name) at the Texas Department of Insurance.

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Insurance
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Money Management

Is there a minimum credit score for Private mortgage insurance?

It is usually required of home buyers whose down payment is 20 percent or less of the property's sale price or appraised value. This insurance was created by private mortgage insurers to provide protection for the lender in the event that the home buyer should default on the loan.

You cannot get PMI if your mid-score is below 575-580. Even if a lender program allows lower score, you will not be able to get PMI if you are below these scores.

Not sure how old the above answer is, but try more like a 680 mid-score required for private mortgage insurance coverage, though magic (MGIC) will sometimes go down to a 660. That's why just about everyone putting less than 20% down and with less than perfect credit is going FHA these days. FHA will insure a loan with a credit score in the 500's, but most lenders require at least a 620 to make the loan more marketable on the secondary market and to increase the likelihood FHA does end up insuring the loan.

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Insurance
Mortgage Insurance
Loans
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Money Management

Who should have mortgage insurance?

Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.

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Insurance
Life Insurance
Mortgage Insurance

What is better Variable Universal Life or Universal Life?

Without knowing your circumstances, wants, needs and desires - the question can't be answered. I would suggest that you get proposals for both and then make a decesion. I agree with the previous person's answer. Generally speaking, Variable has a higher upside potential but no minimum floor. Universal Life has a guaranteed floor, but a smaller upside potential. A variable universal life policy is more subject to market risks. The policy holder is allowed to monitor a portion of the premium and direct it to stocks and bonds of his choice, within the company limits. If you have a confident understanding of stocks and bonds this may be a policy for you to consider. For more information please refer to Types of Life Insurance.

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Insurance
Mortgage Insurance
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Money Management

What will be the future of Mortgage Insurance and How will Mortgage Insurance be affected in the future?

it will exist in the future and the price may or may not go up Private Mortgage Insurance is needed now more than ever. For a brief time lenders were starting to offer mortages above 80% without requiring PMI. These were subprime lenders; and almost all of them are out of business now. When the economy turned bad in 2007 and homes started going into foreclosure those lenders lost everything. The PMI companies are now paying record claims due to foreclosures and it is this insurance coverage that has saved many banks from complete ruin. They will not go back to offering loans without PMI to risky borrowers. Indeed the premiums for that insurance will most likely go up. It is already harder to qualify for the insurance.

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Insurance
Mortgage Insurance
Loans
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Money Management

What is a mortgage insurance premium?

The amount you pay (generally monthly in your house payment) for the morgage insurance policy. Most lenders require you to carry mortgage ins or PMI if you finance more than 80% of the value of the home, or for other credit risk reasons. As a side note I have successfully had the mortgage ins dropped after my principle was lower than the 80% on two different mortgages.

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Mortgage Insurance
Loans
Mortgages
Money Management

Does a second mortgage need to be insured?

If you are referring to "Homeowners" insurance, the second mortgagee should be listed on the policy.

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Mortgage Insurance
Homeowner's Insurance
Mortgages

What does amended the mortgagee clause mean?

An amendment is a change to a contract. That phrase is likely related to a property insurance provision that provides for special protection for the mortgagee named in the policy. An amendment to the mortgagee clause may be required to change the name of the mortgagee when the named mortgagee merges with another lender under a new name as indicated below.

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Debt and Bankruptcy
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Debt Collection
Foreclosure
Money Management

Does private mortgage insurance change the foreclosure or deed in lieu proceedings?

Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.

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Personal Finance
Mortgage Insurance
Loans
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Home Equity and Refinancing
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Los Angeles

What is the fax number to BAC home loans servicing LP in Los Angeles CA?

I don't have their fax number but their phone number is 1-800-669-6607 between 6AMto5PM Monday to Friday, PST

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Mortgage Insurance
Mortgages
Home Equity and Refinancing
Foreclosure

On a foreclosed property why would the Bank seller have a contingency on getting PMI approval?

Sounds like they want to make sure another forclosure doesn't occur, sounds perfectly normal to me.

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