I just started working and I need health insurance. I need medical,dental,and prescrition. Those three are the main ones i need right now. I wanted Blue Cross, because it seems to be accepted ...
My mom is 46 and her job does not supply health insurance. She does not make a lot of money at all and she has a skin disease that needs treatment. Paying $200 a month for health insurance is out ...
First off, I can't tell you how absolutely livid I am with the health care system in this country!! I am so disappointed in the US right now! But that's a whole other topic..
My mom has not been feeling well for awhile now. And she gets chest pain most of the time. She called her doctor for an appointment, but they said they can't accept her because she doesn't ...
The employer fouled up and included the rate sheet for our last premium increase. True rate for a 55 year old male was 61.39 per month. Employer deducts 140.00 per month and tells us that is our &...
Is it a normal procedure for a loan comapny to ask for an insurance premium to secure a loan?
I have been applying for a loan, I have noticed that some companies are asking for an insurance premium to secure my loan. The premium is quite substantial, antwhere from $700 - $1000
Usually only the online scammers are asking for these. Reputable lenders don't require an insurance premium upfront. Don't confuse with credit life or owner's insurance; scammers want a premium to "secure" a rate or a loan approval. Scammers; check them with BBB.
financing_loans
You must be using online companies. Ive never heard of it. But then again I have only been doing mortgages for 15 years. Most states require that if you have to pay any upfront money they have to describe exactly what its for and it has to be refundable if not used.
I agree with the other poster its a scam. Call a few local mortgage companies. They will tell you the same.
mbrcatz
No, it's not.
Peter P
in some states or provinces it is mandatory
R&KBen
I assume it is "credit life" insurance. A lot of lenders want you to get it (they get a kickback onthe premium) but in some states it is illegal to make it a requirement for a loan.
It is also overpriced, usually you can get simple term life insurance for less money and more coverage.
Tim
They will all ask for that info before the deal is closed. It's required.
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