I will be sole owner of a home. in the event that I die and do not have mortgage insurance will the bank be the beneficiary of any equity that I've put into the home? if you are in America, PMI is required if you do not have a serious cash down payment [20% or [...]
Archive for the ‘Mortgage Insurance’ Category
How long do you have to pay Mortgage insurance on FHA loans?
Posted by on June 27th, 2011
I have been paying mortgage insurance for about four years now and my house payment keeps going up. yes I have a fixed interest rate. You can usually drop the PMI once you have 20-25% equity in your home. Check with your mortgage company. (You may have to pay fro an appraisal to verify the [...]
What is private mortgage insurance and who gets the money when a person cannot fullfil their loan obligations?
Posted by on June 17th, 2011
If you don't put down 20% on a home loan you must pay Private Mortgage Insurance. so with all these loans going belly up why did ppl pay this and who took the money? The money goes to the lender. However, not everyone paid PMI. As you mention, if someone puts down 20%, then they [...]
How do you show mortgage insurance on a GFE?
Posted by on June 15th, 2011
I am a new lender. my first loan shows a purchase price of 298,000. 100% financing. of course, mortgage insurance is required. The mortgage insurance is .85% of the purchase price. should I get this client a loan for 298,000 + the cost of the mortgage insurance? if so, how much should I add (i.e [...]
What role does (PMI) Private mortgage insurance play in the Sub Prime Mortgage disaster?
Posted by on May 28th, 2011
I thought Private Mortgage Insurance Protects lenders from loans that default? PMI did protect lenders from loans that defaulted, but the problem is most subprime loan companies sold those loans off to investors after they originated the loans. The "bust" happened when so many of these loans defaulted, PMI companies refused to insure anymore of [...]
Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?
Posted by on May 26th, 2011
isn't mortgage insurance for if you die, the loan will be paid off? if so wouldn't life insurance do the same, so why is mortgage insurance needed. Must you have it or is it just a option? You do not have to get it, but it is a good idea. you dont have to get [...]
How much compensation is there in selling mortgage insurance?
Posted by on May 23rd, 2011
I know the average payouts on simple things-- mortgages, some insurance products... but I don't know how much money a person makes for selling mortgage insurance. An example would be great too, I would appriciate it. Especially if I were to make a career out of selling mortgage insurance, how many times would I need [...]
Posted in Mortgage Insurance 
Tags: insurance, insurance products, mortgage insurance, mortgages 
15 Comments »Who would I contact to obtain mortgage insurance before I purchase a home?
Posted by on May 14th, 2011
I am in the process of purchasing a home and the bank called me today and told me I had to obtain mortgage insurance before I purchased the home and we could continue the process. I am being financed through chase bank with a fha loan. Any additional information would be useful. Mortgage Insurance is [...]
Myth on Mortgage Insurance Busted – Mortgage Insurance – A Massive Ripoff!
Posted by on May 6th, 2011
Mortgage Insurance, also known as lenders Mortgage Insurance LMI for short, is the greatest scam out there, and interestingly no one is complaining yet. why? I have asked this question hundreds of times to students in my real estate investment classes, and also to ordinary home buyers. Invariably none of them really understand what this [...]
Mortgage Insurance
Posted by on May 6th, 2011
'Mortgage insurance' is a term that you will surely come across if you are going for a mortgage loan. Let's get straight into finding out what this term ('Mortgage insurance') means. Mortgage insurance is a great tool for both the borrower and the mortgage lender. by definition, mortgage insurance provides protection to the mortgage lender [...]
