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OMEGA1 | Is it really necessary to buy mortgage insurance? |
Cost of my house: $41,000. Mortgage? 30 years
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Dan B
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Private Mortgage Insurance is an insurance policy that YOU purchase to protect the LENDER'S interest in the house. The lender isn't protecting his interest, you are.
Then there's mortgage insurance to pay off the house should you die. It is a relatively expensive decreasing term policy that makes the lender the beneficiary of your policy. Decreasing term means that the payout is less and less the longer the note is held. You have NO SAY as to who gets the money, it goes to the lender. Instead, get yourself a 20 yrs level term policy. With this, you have the say as to who gets the proceeds in the event of your death. |
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Judy1
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Down payment? Equity in the home?
If the lender requires PMI then you have to pay it if you want the loan. |
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JJ
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One way to get around the PMI is to pay down a required percentage of the mortgage (usually 20%). If you don't have the money, talk to your lender about getting a second mortgage right away for the additional money. You will have to pay a higher percentage than your mortgage, but your interest is typically less than what you would pay (and lose) on PMI.
What I don't know is if any lenders are willing to provide the second mortgage with only 5% equity anymore. That was a very common lending practice a couple years ago, but with the recent mortgage woes of the banks, it may be a thing of the past.
Good Luck! |
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Chris C
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If it's Private Mortgage Insurance (the stuff the bank makes you get if you are making a small downpayment) then yes, it's nessassary unless you put down the minimum downpayment required. No exceptions.
If you are referring to mortage life insurance (or disablity or critical illness for that matter)....
Don't by it from the bank/lender. Buy it from a lisensed insurance broker. I won't get into all the details of why buying from a broker is better, but I'll leave you with these links for more information:
Comparison:
http://www.asset-aid.com/bank_vs.shtml
Exposee showing several cases where lender bought insurance (creditor insurance) denied claims and how individual insurance is better (this peice focuses on one companies policies, but they are all structured the same...doesn't matter what bank or mortgage company it is):
http://www.cbc.ca/marketplace/in_denial/
Is it nessassary to buy? Depends on your personal situation I suppse. One thing to keep in mind that amongst the leading causes of forclosure of homes in North America is due to death, disability or severe illness that prevents the homeowner from being able to work and afford to pay the bills.
If you have the ability to stroke a cheque for $41 grand without thinking about it and have an extremely good health history and extremely good family health history, then you don't need the insurance. That being said, if you have the ability to stroke a check for $41 grand, why didn't you pay cash for the house...know what I mean? |
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mbrcatz
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Are you talking about private mortgage insurance, or mortgage life insurance?
As long as you have less than 20% equity in the home, you will be required to carry private mortgage insurance. But you are NOT required to carry mortgage life insurance. |
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