This Article Is About How Private Mortgage Insurance On Home Loans Work: Private mortgage insurance on home loans also referred to PMI, is paid by the borrower to benefit lenders. PMI is a mortgage insurance program that is created to protect lenders from default and loss from borrowers defaulting on conventional loans. Lenders require any […]
All mortgage lenders require your to have homeowners insurance.
You choose your insurance company.
You are responsible for comparing premiums and selecting coverage.
Lenders have minimum coverage requirement to protect their interest in your property.
If you fail to keep your home insured while you have a mortgage, the lender can purchase forced place insurance. The premiums are very high, at least twice as high and normal coverage. And you’ll have to pay for it until you re-establish your own coverage.
This ARTICLE On Private Mortgage Insurance Mortgage Guidelines On Conventional Loans FHA Loans require a 1.75% one time upfront mortgage insurance premium and a 0.85% annual FHA MIP for the duration on a 30-year fixed-rate loan. The mortgage insurance cannot be canceled unless the borrower refinances and/or pays off their mortgage Per Fannie Mae and […]
This Article Is About Eliminating FHA Mortgage Insurance Premium By Refinancing FNMA Borrowers taking out an FHA insurance mortgage loan, besides paying an upfront mortgage insurance premium of 1.75%, borrowers need to pay an annual FHA mortgage insurance premium of 0.85% for the life of the FHA Loan. FHA mortgage insurance premium can be a […]
This Article Is About FHA Mortgage Insurance Guidelines Required By Borrowers FHA mortgage insurance guidelines can be hard to understand. And as referenced in the 4000.1 HUD handbook the rules have recently changed on mortgage insurance premiums FHA loans are very attractive to many borrowers due to the low down payment needed and more lax […]
This Article Is About Lender Paid Mortgage Insurance And How Does It Work Lender Paid Mortgage Insurance And How It Works: Lender Paid Mortgage Insurance is also referred to as LPMI Lender Paid Mortgage Insurance applies to Conventional Loans only Private Mortgage Insurance is required for all Conventional Loans with less than a 20% down payment […]
This Article Is About PMI On Conventional Loans With Higher Than 80% LTV PMI On Conventional Loans With Higher Than 80% LTV is mandatory per Fannie Mae and Freddie Mac Guidelines. Private Mortgage Insurance protects mortgage lenders in the event borrowers go into default and the home goes into foreclosure Private Mortgage Insurance is Fannie […]
This Article Is About FHA MIP Versus Conventional PMI For Mortgage Borrowers Mortgage Insurance is mandatory on all FHA Loans and Conventional Loans with less than 20% equity. There are pros and cons of FHA MIP Versus Conventional PMI In this article, we will discuss the Pros And Cons Of FHA MIP Versus Conventional PMI […]
This Article Is About Protecting Your Home With Insurance for Home Appliances Insurance for home appliances might be a good idea for people who purchased a house and want to protect their wallets from spending thousands of dollars on repairs or replacing all items. Your home is your most valuable asset, but it’s the appliances […]
This Article Is About Homeowners Insurance Deductibles And How It Works Homeowners Insurance Deductibles use to be straight forward and simple: It was the dollar amount stated in your homeowner’s insurance policy that you’d pay out of pocket prior to any insurance coverage kicking in For example, let’s say you had a leak and your […]