Why Are My Mortgage And Insurance Companies Insisting I Have Replacement Cost In My Mortgage Insurance?
Question by JW | Posted in Insurance
They say I need $160K insurance for a $76K loan. Appraisal on the house is about 85K. I have been bouncing back and forth on the phone and no one can give me a straight answer as to WHY they require replacement cost. Please help me understand why the mort co instsis I get a new free house if there is a fire.
Answer: Because, most homeowners policies are based on cost to rebuild the house. Because of that, if that's the kind of policy you have, and there is a partial loss, and you aren't insured to the full repalcement, then you don't get the full payment for the loss.
Sounds confusing. But let me explain with real numbers. We probably both agree, that most losses are partial losses. We also probably both agree, that you couldn't rebuild your house, if it burnt to the ground, for $76K, even if it's only worth, market value, $85K. Lastly, if you think about it, we probably both agree, that if your kitchen is 20% of the square footage of your house, and your house is worth $85K, and
Question by Ok D | Posted in Renting & Real Estate
I heard different stories from different people. Some said FHA loan you have to pay mortgage insurance, but convention loan you don't have to pay mortgage insurance, and FHA's closing cost is higher than convention loan. Some said convention loan if your downpayment is less than 20%, you still need to pay mortgage insurance. What's the truth?
Answer: fha loans are better. smaller closing costs. (1% regulated by the government) plus your normal closing cost fees which you can't avoid. but you do have to pay mortgage insurance. Conventional loans can get costly especially if you get a mortgage broker because they add all their hidden fees in there (be carefull). Advantage to fha loan because once your in you can always refinance with out all the paperwork in the future, email me if you want to find out who i used because i did a lot of research. I wanted to use a smaller bank who didnt owe the government tons of tart money! i found one and got a great rep, i told him i would put him out there because of the job he did for me.
Can I Deduct Start Up Cost For My Mortgage Insurance Premiums?
Question by LUKE A | Posted in United States
dont answer people if you dont really know. come on anybody can make crap up.
Answer: The govt. recently changed the laws on this. You can still deduct your mortgage interest, but you can not deduct any of your mortgage insurance, including start up costs.
Poll: What Is Your Mortgage Payment And Insurance Cost For Your 2+ Bedroom / 2 Bath HOUSE And What Region?
Question by rick d | Posted in Renting & Real Estate
I live in Tulsa, Oklahoma and I have always asumed I must rent -- please help me decide if I should consider seeking a house to buy in my area or in The Midwest / South region
Keep in mind that I realize I should look for a great deal, and a foreclosure, and get pre-approved, etc...
I just want to know waht your Percentage rate is, is it fixed rate and ESPECIALLY -- what is you monthly payment ?
Answer: We live in Lawton Oklahoma and we have a 1600sqft 3 bedroom, 2 full bath house with an attached 2 car garage, large privacy fenced in yard and covered patio. Our mortgage payment is 644 a month, 80 for taxes and 80 for insurance for a total of 804 a month. We just purchased our house. Our interest rate is 5.5 fixed
Question by RONALD D | Posted in Other - Home & Garden
what should i be looking for and who are reputable providers
Answer: PMI- Private Mortgage Insurance is the biggest waste of money. It is usually required if there is no equity in the home or you do not close with a 20% down payment (or the equity is not 20%) It basically insures that your mortgage will be paid. It's such a crock.
Properties Buyers In Canada Are Getting Mortgage Insurance Should ...
by Nancy T. Glover
Also, the total monthly housing costs that include principle, interest, property taxes, heat, the annual site lease in case of household tenure, and 50% of applicable condominium fees should not represent greater than 32% of your gross household... This reduces risk from the mortgage for the mortgage company and lets you buy a home and never having to front the whole down payment. The purchaser must make a down payment of at least 5% on single-family and two-unit homes and 10% on three- or four-unit dwellings. How could this be. The obligation of purchasing loan insurance on the amount borrowed makes it possible for this to occur....
18 -- NEW BOSTON -- The Village of New Boston is hosting a second-chance meeting this month to provide residents from all of Scioto County with information about locking-in lower flood insurance rates offered by the Federal Emergency Management Agency
By SUZANNE KAPNER A Citigroup Inc. unit on Wednesday agreed to pay $158.3 million to settle US claims that it cost the government tens of millions of dollars by submitting faulty loans to a federal mortgage-insurance program.
When a homeowner obtains a mortgage for a refinance, there are several fees and charges that must be disclosed. These include the cost of the appraisal report, county recording fees, a title search and lender's title insurance.
I do not recommend that anyone agree to this type of insurance for two reasons: It's pays only the outstanding balance on the mortgage, which is declining every month while the high premium stays the same. That's a bad deal. Second, if the homeowner
Transportation and food continue to post largest price increases The cost of transportation went up 3.7% in the 12 months to January, after gaining 3.3% in December. In addition to gasoline, prices increased for passenger vehicle insurance premiums
By SUZANNE KAPNER A Citigroup Inc. unit on Wednesday agreed to pay $158.3 million to settle US claims that it cost the government tens of millions of dollars by submitting faulty loans to a federal 
When a homeowner obtains a mortgage for a refinance, there are several fees and charges that must be disclosed. These include the cost of the appraisal report, county recording fees, a title search and lender's title 
Transportation and food continue to post largest price increases The cost of transportation went up 3.7% in the 12 months to January, after gaining 3.3% in December. In addition to gasoline, prices increased for passenger vehicle insurance premiums