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There will approx.100 homes and 70 acres off the land is woods.
Additional Details
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hey !
i want to move in a flat with 3 of my friends into a 2 bedroom flat (we're gonna share rooms) but i know that rent is very expensive so i would need to get a job to help pay for it, i&... |
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Not Just A Pig Farmer | Mortgage Insurance...? |
I am refinancing my house and have been told that I need mortgage insurance....$1,500 on a $105,000 loan...What is it and is it neccessary??? |
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searay092003
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yep, It is called PMI insurance, most companies make you carry it until you have paid off 70-80 % of the value of the home. Basically it covers the mortgage companies expenses if you stop paying your mortgage payment. The PMI cost varies with the price of the house. 1500 seems a little high because it will be broken down on a monthly basis. for 100,00 i would guess closer to 70-80 dollars per month. Dont forget you will also have home owners insurance, interest, principal, PMI, equity that will be in there each month. Depending on your interest rate I would guess your final monthly payment including insurance and everything for 105,000 will be around 850 per month. This amount will vary up to 100 dollars every year based on equity and insurance rates. |
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Interest capitalise
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Mortgage insurance is the insurance that protects the bank if you default on your loan. The bank will approve your loan, but it is up to the mortgage insurer (MI)to unconditionally approve your loan. There are a few ways around MI. You can stay below the 80% LVR (loan to value ratio) the banks consider this to low of an exposure to deem MI necessary. Also some banks self securitize, meaning they have an internal MI. Also, you can ask your broker or bank to have the MI capped back into the loan.It will decrease your lending ability by a bit, But this means the MI amount will be put back into your mortgage amount, so you can repay it as part of your total refinance repayments.I am in Australia though, so other countries may vary a little, but not too much I would think. |
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pbp
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depends on the loan program and the amount of equity you have. In general you will need it if you have less than 20% equity in your home. |
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Shane V
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I was once in your situation. Don't worry, everything will work out for you =)
A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.
http://www.help-my-house-mortgage.org
Good Luck! |
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kckid2
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It's a waste of money is what it is. The insurance protects the lender in the event you default. It does zip for you because you're on the hook regardless.
Unfortunately, you need 20% equity to avoid it. And if you don't have that, then you get to pay it, and it only gets you higher cost |
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BIG HENRY
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Great question.
Let's start off by defining mortgage insurance.
First, it is a policy that guarantees repayment of a mortgage loan in the event of death or, possibly, disability of the borrower.
Second, it is protection for the lender in the event of default, usually covering a portion of the amount borrowed.
EXAMPLE:
Mr. Not Just a Pig Farmer obtains a mortgage loan and, for an additional monthly premium, purchases mortgage insurance. Should Mr. Not Just a Pig Farmer die before loan maturity, the policy will pay the remaining balance of the loan.
This protects Mr. Not Just a Pig Farmer's survivors from losing the property because of inability to continue the loan payments, and also protects the Lender.
I believe it is worth it. Do not be stubborn and feel as though it is a waste of time. If you get into an accident or become ill or as the example above, you and/or your family are covered.
My father passed away in 2000 and he had mortgage insurance. If it was not that act of unselfishness, greed, or frugalness my mother would have lost the home.
I hope this helps. Ask your lender who they use and ask to see their coverage.
Lastly, it is your choice whether you choose to cover your Assets.
Good Luck. |
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Austin G
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You need it if you have 1 loan greater than 80% of the purchase price or appraised value (which ever is less). It is generally a factor of .45%. It is now tax deductable (with restrictions) and can be removed later when your home appreciates and that loan is now 80% of the value. |
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abanti
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it is necessary abosolutely to return back of money. |
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