Sentences with phrase «to purchase mortgage insurance»

By purchasing a mortgage insurance product or a life insurance policy, you can effectively plan for the retirement of the mortgage debt when you are unable to continue making payments yourself.

However, the price you pay may be higher than if you were to purchase mortgage insurance on your own through an insurance agent or broker, or direct online.

Whether or not you must purchase mortgage insurance depends on the size of the down payment you make.

When we bought our house, we were offered the chance to purchase mortgage insurance from a bank representative.

While you were signing the paperwork for your mortgage, did a bank employee ask you to consider purchasing mortgage insurance protection?

Some homeowners purchase mortgage insurance to protect their families in the event of their death.

So if you're thinking of purchasing a house, there really isn't any reason why you wouldn't also want to consider purchasing a mortgage insurance policy.

You can purchase mortgage insurance through the lender, or you may be able to opt for term life insurance instead.

Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 5 % of the home's value.

Watch this video about people who have purchased mortgage insurance from the banks, only to discover that, when their loved one passes away, they are denied their claim.

Some lenders allow you to make a lump sum payment to purchase the mortgage insurance on the front end of the loan.

For example, if you had $ 34,000 in your savings — the average savings account balance in 2013 — you could afford to finance a $ 170,000 home without purchasing mortgage insurance.

Instead of paying a monthly premium for four or five years, your lender purchases mortgage insurance as a single one - time purchase when you take out your mortgage, and then adds that single premium payment to the balance of your loan.

Mortgage companies like On Q Financial, Inc. require some borrowers to purchase mortgage insurance in order to protect the lender if the borrower is unable to pay the mortgage.

Until a few years ago, many people purchased mortgage insurance, which is usually a reducing term policy, which means the amount of coverage decreases with your mortgage over the length of the mortgage (typically 30 years).

For example, if you had $ 34,000 in your savings — the average savings account balance in 2013 — you could afford to finance a $ 170,000 home without purchasing mortgage insurance.

Under LPMI plans, the lender purchases the mortgage insurance and pays the premiums to the insurer.

Additionally, a loan with a high LTV ratio may require the borrower to purchase mortgage insurance to offset the risk to the lender.

In some cases, renters may be able to purchase a home with less than 20 % in down payment, but those who do so will often be required to purchase mortgage insurance, increasing the cost of their payment.

Today, PMI works in much the same way: Borrowers who put less than the customary 20 percent down are typically required to purchase mortgage insurance to cover potential losses for the lender.

Additionally, a loan with a high LTV ratio may require the borrower to purchase mortgage insurance to offset the risk to the lender.

If you can not afford the down payment, and can not borrow it from a relative, a lender might require you to purchase mortgage insurance.

Your debt load can not exceed your income by more than 41 %, and, like the FHA loan, you will be required to purchase mortgage insurance.

If you bought your home after Sept. 1, 1983 with a FHA loan, chances are you had to purchase mortgage insurance.

Borrowers with less than 20 per cent down are required by law to purchase mortgage insurance, provided usually though the Canada Mortgage and Housing Corporation (CMHC).

If you purchase a mortgage insurance or life insurance plan with your money, you always have complete control over your life insurance benefits.

If you plan on buying a home with a mortgage, you will be asked if you want to purchase mortgage insurance.

If they plan to make a smaller down payment, they will need to purchase mortgage insurance, through either a government guarantee program or a private mortgage insurer.

One of the few downsides of an FHA loan is its requirement that you purchase mortgage insurance and pay for it for at least 5 years, even if you obtain the amount of equity (78 %) that is usually necessary to remove mortgage insurance.

You also may need to purchase mortgage insurance if you are making a down payment of less than 20 percent of the home's price.

Remember, lenders prefer to have buyers put down at least 20 percent of the purchase price; if your down payment is less than that, your lender may require you to purchase mortgage insurance.

If you can not make a down payment of 20 percent or more, lenders will usually require you to purchase mortgage insurance, sometimes known as private mortgage insurance (PMI).