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Lola | What does mortgage insurance cover and do you need it? |
Additional Details
thanks kathy, that really helps!
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Kathy
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It covers the bank - if you die, they get the mortgage paid off. Unless they force you to get it (and I would protest) you don't need it. That's my opinion, but why guarantee the bank gets their money? If you die, what do you care?
If you are married and have children and would leave a spouse without means to pay a mortgage payment, then that's different. It would supply some assurance. But it is rather expensive and unless you are comfortable with the extra $100-$150 per month, forget it.
Most of us don't have it... and so far, so good. lol |
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mbrcatz
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It only protects the bank, if you die.
You don't need it. |
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Todd S
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Mortgage insurance is only necessary if the first lien (first mortgage) exceeds 80% loan to value. So if the value is $100,000, and the loan is for $81,000, you'd need mortgage insurance.
If you stay at or below $80,000, mortgage insurance would not be necessary. It does not protect the consumer, but rather the bank or lender.
Homeowners insurance protects consumers. |
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ebiz15
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Mortgage insurance covers the bank in case of your death.
A private mortgage insurance (PMI) is required if you are not paying a down payment that is more than 20% of the sale price of the house. Many feel that PMI is a pretty good deal because it allows them to buy a house with 5% or less down payment. Some people would rather invest in some business than pay huge down payment. Another scenario, when a Private Mortgage Insurance is required is if you have any very low credit score.
I found link that explains some basics of PMI
http://www.home-loan-mortgage-net.com/private-mortgage-insurance-pmi/
Good luck :) |
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Dustin L
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Laura S,
Mortgage insurance is simply that, insurance to pay your mortgage in the event of your death. While I believe that some insurance is better than no insurance, I would suggest a life insurance policy vs. a mortgage insurance policy. I don't suggest having nothing, because in the event of your death, someone will have to pay your mortgage. Your spouse or children, your parents, someone.. It doesn't just go away when you die unfortunately. Even a simple term insurance policy should be less than mortgage insurance, and it will insure that not only is your mortgage paid off, but any other outstanding debt you may incur between now and the day you expire (credit cards, car payments, funeral expenses, ect.). Your loved ones can use it as they see fit, so they can continue to live there lifestyle without a huge need to change the living conditions. You can email me if you have any further questions!
Hope this helps! |
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rey
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My wife and I wanted to buy a house, since Am already retired and just have a part time job, I can only borrow a maximum of $100,000 from the bank. So I asked my son to co-sign so that we can borrow a higher loan. The bank said we should pay an extra $100 each month for the private mortgage insurance because my son will not be living with us. Is that right that we should pay for that reason?...thanks.....Rey |
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