Mortgages

When mortgage lenders extend a loan to a future homeowner, they want to make sure that their profits are protected. If a homeowner is making a downpayment of less than 20% of the value of the loan, lenders often require that the borrower purchase a private mortgage insurance (PMI) policy. What Does Private Mortgage Insurance ... Read more

Mortgage lenders will often require their borrowers to have various insurance policies in order for the loan offer to proceed. The policies they ask for borrowers to carry will depend on the circumstances of the loan and the home being purchased. These policies can either insure the structure of the home or, in the case ... Read more

When you choose to refinance your mortgage, you’re essentially paying off your old loan using the new loan (the refinanced mortgage) in order to obtain better terms and a lower interest rate. Overall, a mortgage refinance can save you money long term and may even help you to reach the goal of paying off your ... Read more

Paying off your mortgage is a huge achievement, but what does it mean for your homeowners insurance after your mortgage is completely paid off? As a requirement of your mortgage lender, you aren’t legally required to have homeowners insurance after your mortgage has been paid off since you no longer have to repay your lender. ... Read more

When you have a claim and you have a mortgage on your policy, the claims check will be made out to all named insured and the mortgagee. Until your home is paid in full, the mortgage company has a legal interest in your home. While it is extra steps for you, making the check out ... Read more

At a glance, it might seem confusing whether mortgage insurance and homeowners insurance are one and the same. While they both offer protection related to home ownership, the nature and purpose of their coverage are entirely different, as does the need for any or both of them. If you are asking when are they and ... Read more