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FAQ's Cont'd

                                                                            FAQ's Cont'd
  • What is mortgage insurance and how do I get it?
Mortgage insurance is a safety precaution lenders use to insure against default. Normally, you need only worry about this type of insurance if your down payment is less than 20% of the value of your home. If the borrower cannot pay back the loan amount then the lender has the option to foreclose and then file a claim with the insurance company to recoup its losses. It should not be confused with mortgage life or hazard insurance.

FAQ's Cont'd, Closing, FAQs Mortgage, Home Equity Loans, Real Estate Settlement Procedures Act, Refinancing, RESPA

Private mortgage insurance, or PMI as it is often called, is paid by the customer in annual installments or monthly or single premiums. The customer chooses the PMI company with information either supplied by the lender or by independent research, with the first insurance premium is collected upon closing.

The benefits are: increased buying power, less money down, and a shorter time wait for perhaps a more expensive house. NOTE: please be careful when buying PMI. Some of the agents selling this type of insurance are inexperienced or just plain unknowledgeable when it comes to finding out if you qualify for the plan. Some plans have very specific stipulations attached- just make sure you are aware of all of them.
  • When buying a new home, what is the best way to time it so that I'm not carrying two mortgages?
The best way to accomplish this would be to have your home sold before you buy your new one, but to arrange the closing dates so that your closing date on your old home is after the closing date of the new home. This gives you a place to stay during proceedings.

Your new lender will want to see your Sale of Purchase for your old home- this is the guarantee that the old mortgage will be paid off. For some more great advice, visit our Helpful Hints page or our Helpful Information page.

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