All Posts Tagged With: "insurance"
What’s A Bedroom?
A bedroom is not merely where someone sleeps. Please check local zoning regulations. They may require an external exit (such as a window with a bottom sill not more than 44 inches above the ground and 5.7 square feet of space when open). Or, they may require that a “bedroom” cannot itself be an entrance [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Why Does Closing Cost So Much?
Closing is expensive for several reasons. First, state transfer taxes are typically based on the sale price of the property or the amount of mortgage debt. These tend to be very large sums, so even a small percentage can be a lot of money. Second, payment for many services occurs at closing — title insurance, [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What’s An “Endowment” Mortgage?”
An “endowment” mortgage is a combination of a mortgage and a whole life insurance policy which is used in Great Britain. It is now available — in somewhat different form — in this country. In essence, you have an interest-only mortgage and the money not paid for principal is instead used to pay for an [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
What Is A Mortgage Lender Escrow Account?
When homes are bought with 80 percent or more financing from a single lender, the lender generally requires the borrower to make monthly payments to a lender “escrow” (trust) account. The purpose of the lender escrow account is to accumulate money to assure that the borrower’s property taxes and property insurance are paid (and thus [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
How Can I Get A Free Refund On My FHA Mortgage Insurance?
For many years the huge FHA mortgage program paid insurance refunds to borrowers. While the refund program stopped in late 2004, there are still millions of older FHA loans out there where borrowers may be able to get back some of their insurance money. Here’s how the refund process works. Rather than lending money, the [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Much Flood Insurance Can I Get?
The maximum amount of federal flood insurance at this writing is $250,000 for a single-family home structure and $100,000 for contents. A business structure can be insured for up to $500,000 under the federal program, plus $500,000 for contents. Renters can insure contents under the federal program for up to $100,000. For program details, speak [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Do Private Mortgage Insurance and Mortgage Life Insurance Compare?
In terms of real estate, when we talk generally of “private mortgage insurance” or MI what we mean is a situation where insurance is used to secure financing when a 20-percent down payment is not available. In other words, the insurance is there in lieu of cash from a borrower. If the property is foreclosed, [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Are Private Mortgage Insurance Premiums Set?
MI rates are based several factors. • The percentage down. The more down, the lower the premium (because there’s less risk). • Whether the loan is fixed or adjustable. ARMs are seen as more risky than fixed-rate loans, so rate for adjustable loan products are higher than fixed-rate mortgages. • Lump sum or monthly payments. [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Do I Select A Private Mortgage Insurance Provider?
The lender chooses the private mortgage insurance (MI) company since it, the lender, is the beneficiary of the policy. Technorati Tags: insurance, mortgage, pmi, private
28Aug2008 | Peter G. Miller | 0 comments | Continued
How Do FHA and MI Premiums Compare?
Private mortgage insurance (MI) premiums are generally paid on a monthly basis. Except for so-called “high risk” loans, coverage can be stopped once an owner has paid down at least 22 percent of the original loan amount. In practice, many lenders will allow borrowers to discontinue MI once they have 20 percent equity — the [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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