Sentences with phrase «off outstanding mortgage»

The release states, «In the past, the U.S. Department of Housing and Urban Development (HUD) noticed some lenders would instead use these insurance funds to pay off the outstanding mortgage balance, leaving many homeowners without the resources they need to rebuild their homes.»

The death benefit can be used for any purpose, including paying off your outstanding mortgage.

Instant mortgage life insurance online is protection to pay off your outstanding mortgage loan that you can purchase online today without any medical exam, just a few health questions.

Term life insurance can be used to pay off an outstanding mortgage balance.

If you pass away during the term (duration) of your mortgage life insurance policy, the death benefit is paid to the person you choose (beneficiary) who can use the money to pay off your outstanding mortgage loan, and use any remaining money for any purpose, such as, living expenses, education, paying off credit cards, provide for your funeral and burial costs, etc..

In simple terms, this is a process of cashing out your investment portfolio to pay off your outstanding mortgage debt.

In the event of death, the life insurance component of the policy pays off the outstanding mortgage.

On the other hand, reducing personal debt and paying off outstanding mortgage amounts is also clearly a worthwhile pursuit.

For estates not passing through probate, the deceased's family can sell the property and use the proceeds to pay off the outstanding mortgage balance.

Not exact matches

If you have a high debt - to - income ratio, one solution would be to pay off your outstanding debt before applying for mortgage pre-approval.

Moreover, you will be able to get finance sooner than you think since even if you have an outstanding mortgage, you will be able to get a home equity loan based on the equity you build on your home either because you are paying off the mortgage and the debt is reduced or because the property's value will increase over the years.

The due on sale clause generally provides that if you ever transfer the mortgaged property before paying off the mortgage then the mortgage lender has the right to immediately demand full repayment of the outstanding mortgage loan balance.

You might choose a decreasing term policy for a similar term length and initial death benefit equal to the outstanding mortgage loan, since you know your spouse will be financially stable once the mortgage is paid off and you know the time it will take to pay back the loan.

Some mortgage lenders offer mortgage refinancing options, which will enable you to pay off the outstanding balance on your existing debts and replace them with a new mortgage.

Mortgage insurance is another name for a life / critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event.

Interest is only charged on the outstanding loan amount (i.e. # 100K initially, reducing to # 85K over 2 years in your example) at the interest rate determined by your mortgage agreement - there is no «paying off interest» as such.

In conclusion, a homeowner should plan on paying an average of three to six percent of the outstanding principal in refinancing costs, plus any penalties for prepayment and the costs of paying off any existing second mortgages.

Once you get approved for the refinance loan, your outstanding mortgage will be immediately paid off with the main portion of the refinance loan amount.

On the other hand, if you've just purchased a home with your spouse, you might consider a decreasing term policy (since your mortgage balance decreases over time as you pay it off) with a death benefit equal to the size of your outstanding loan.

Young, healthy individuals with families typically need enough life insurance coverage to pay off a home mortgage and other outstanding debt and provide some income replacement for their spouse and children.

If interest rates have dropped and you are close to the end of your mortgage term, it may be advantageous to pay off your outstanding balance and open a new mortgage.

This allows homeowners, which are essentially taking out a brand - new mortgage and paying off the old mortgage, to request an additional cash payout which can be used to consolidate outstanding debt regardless of your bad credit.

Decreasing term policies pay out less as the the outstanding balance of a mortgage loan is paid off.

The primary reason why most homeowners consider paying off credit card debt by consolidating all of their outstanding credit debt into a second mortgage is because the interest rates on their existing credit card are simply too high.

If the terms of your agreement allow you to pay off any portion early (e.g. many «fixed» mortgage agreements allow for a payment of 20 % of the outstanding principal, on top of regular monthly payments), you could obtain a second mortgage for as much as you can pay off, and use it to pay down the first.

Lenders want to know whether your outstanding debt — credit cards, mortgages, lines of credit, etc. — exceeds your ability to pay it off.

Mortgage Life Protection pays off the outstanding insured balance of your mortgage in the event oMortgage Life Protection pays off the outstanding insured balance of your mortgage in the event omortgage in the event of death.

Then roll together any outstanding personal loans with the mortgage when it came off fixed.

The Mortgage Prepayment Charge Calculator will calculate the prepayment charge you are required to pay if you decide to pay off all of your outstanding mortgage balance prior to the maturitMortgage Prepayment Charge Calculator will calculate the prepayment charge you are required to pay if you decide to pay off all of your outstanding mortgage balance prior to the maturitmortgage balance prior to the maturity date1.

Your file should be marked as «satisfied» if you pay the mortgage arrears off or if the sale of your house covers the outstanding debt.

However, force - placed coverage often only provides enough to pay off the outstanding balance of the mortgage.

In conclusion, a homeowner should plan on paying an average of 3 to 6 percent of the outstanding principal in refinancing costs, plus any prepayment penalties and the costs of paying off any second mortgages that may exist.

All this being said, the $ 1.41 trillion in outstanding student loan debt is still a ways off from the $ 10.6 trillion in mortgage debt during the peak of the Great Recession.

Depending on the extent of your credit rating, you may want to find a cash - out refinancing loan that pays off your initial mortgage and frees up funds that you can use to retire your outstanding debts.

To get their costs under control, the Rossis recently began fast - tracking their mortgage payments by paying their mortgage every two weeks instead of once a month, and they are also making an extra 10 % payment this year on the outstanding principal to pay it off even faster.

Payments are flat over the course of the life of the mortgage to pay off the interest and a little bit of the capital, the flat payments have more effect towards the end of the mortgage as the outstanding balance gets smaller.

In the meantime, their priority is to reduce their outstanding mortgage and pay off about $ 67,000 of other loans.»

If their mortgage isn't outstanding and their is some equity to work with it is quite possible that the seller may be more than willing to get the home off their hands.

If you want to pay off the mortgage balance, you will need to wait until the maturity date or pay a penalty on the outstanding balance if any.

If you have an outstanding loan with a fixed interest rate, such as a traditional mortgage, you will be obligated to make fixed payments on a regular basis until the debt is paid off.

Any outstanding debts such as mortgages, auto loans, and the like should be paid off as well by the policy.

Perhaps because your mortgage won't be paid off for 30 years because you just refinanced, or perhaps you need to make sure there is money to cover any outstanding debts such as medical expenses you may incur or final expenses.

However, force - placed coverage often only provides enough to pay off the outstanding balance of the mortgage.

Burial Insurance covers the typical costs associated with a funeral (i.e. flowers, casket, burial, etc.) and help pay off ancillary expenses that the deceased has left behind (i.e. unpaid credit card bills, outstanding mortgage, etc.).

Young, healthy individuals with families typically need enough life insurance coverage to pay off a home mortgage and other outstanding debt and provide some income replacement for their spouse and children.

If it is to cover any of outstanding debts or mortgages, then you'll want a policy that lasts until you feel they will be paid off.

The situation becomes all the more difficult when the deceased happens to be the sole breadwinner for the family, there is a huge amount of outstanding debt, or when the house mortgage needs to be paid off.

It will help your kids pay for college, plus it can help your family pay off outstanding debts like mortgages.

Whole life insurance can be used for a variety of purposes, including helping to pay off funeral expenses, mortgages, and other outstanding debts in the event of premature death; helping to pay estate expenses, including estate taxes; retirement funding; providing a valuable employee benefit; and charitable giving.

And, you can leave the death benefit to your beneficiary (spouse, children, family members, etc.) to use the money as they see fit — which may include to pay off the outstanding balance owed on your home mortgage loan.