Speaking of, when you hear people
talking about mortgage insurance, it's not the worst thing in the world.
Not exact matches
When I say net rental yield, I'm
talking about rental income minus all expenses, including a
mortgage, operating expenses,
insurance, and property taxes.
But
mortgages are known as PITI, and we've only addressed the P and the I. Let's not forget
about the T and the other I — or the M and the R. I'm
talking about taxes and
insurance.
Because the rules is if you have less than a 20 % down payment and you are getting a
mortgage from a federally regulated lender, so we're
talking about the big banks, then you must have
mortgage insurance.
Talk about how building good credit can help them save on car
insurance premiums, cell phone plans,
mortgages and auto loans for years to come.
But there's another big one that sometimes gets swallowed up in all the
talk about purchasing without a down payment: VA borrowers aren't required to pay private
mortgage insurance (PMI) with a VA loan.
I've been
talking to our credit union and a
mortgage broker
about this very thing, and I gather that if you're close to the 80 % LTV, some lenders are still willing to do a second up to
about 83 % or 85 % LTV... It may be preferable to go this route than it would to pay
mortgage insurance, since I gather you have to keep
mortgage insurance for a minimum of two years, and then your LTV has to be down to 78 % — and you're still on the hook for paying for a new appraisal.
We already
talked about the additional amount you'll pay for
mortgage insurance.
You might hear an agent
talk about the advantage of a simplified issue life
insurance product like
mortgage life
insurance.
Pre-need
insurance and final expense
insurance are often
talked about together, because unlike other widely used
insurance types that allow your family to use the money to pay off a
mortgage, save for college or have money for retirement, pre-need and final expense
insurance have a more focused scope: your final expenses.
For more information,
talk to your
insurance professional
about using term life
insurance to pay off your
mortgage after you're gone.
The events could be held at a public library or community center and should include a range of experts — real estate and divorce lawyers,
mortgage professionals,
insurance agents — who can
talk about real estate issues that arise during a divorce.
Down payments and
mortgage insurance are closely related, so before we
talk about down payment options, let's back up a little and address a few questions
about mortgage insurance...
Talk with an
insurance provider about how expiration of the National Flood Insurance Program would hamper the ability to offer mortgages or insurance policies on properties in a fl
insurance provider
about how expiration of the National Flood
Insurance Program would hamper the ability to offer mortgages or insurance policies on properties in a fl
Insurance Program would hamper the ability to offer
mortgages or
insurance policies on properties in a fl
insurance policies on properties in a flood zone.