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Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
Do mortgage companies or buyers purchase homeowners insurance policy?
It is the Homeowners responsibility to provide property hazard insurance under the terms of your mortgage. If the Mortgage company has to purchase it for you then it means your already in violation of your Home Finance Contract and subject to default.
What is the cost of a bank loan called?
Under FHA, the cost of a bank loan is called a MIP, or mortgage insurance premium. Some banks also call this the interest on the loan. A person borrows a certain amount from the bank and then pays a percentage on that money borrowed.
What is mortgage insurance?
Private Mortgage Insurance is a policy that covers the mortgage company in the event the home buyer defaults on the mortgage note. It is commonly referred to as "MI" and is usually obtained through the mortgage company. Mortgage Insurance does not cover the real property but rather the Mortgage Note. It comes under the category of Contract Performance Insurance and is in the Property and Casualty line. The term "private mortgage insurance" differentiates it from government insurance. Loan products such as FHA, VA and USDA Rural Housing loans also carry insurance but it is from the government and is built into the cost of the loan, rather than being purchased seperately.Answer:It is insurance that the lender forces you to buy if you do not have enough equity in the property (usually 20%). The insurance only protects the lender in the event the borrower defaults and the foreclosure sale does not bring enough to pay off the loan.
When is mortgage insurance typically required?
when the down payment is under 20% of the homes purchase price -kaya :)
When married are children covered under spouse's health insurance?
In order for anyone to be covered under anyone's health insurance, they must be listed on the policy and a premium must be collected for them. If your spouse did not include their names on the plan and no premium is being collected for them, then they won't have coverage.
Can rifle be covered under insurance?
Yes a RIFLE can be covered under insurance
Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
Will homeowner's mortgage insurance pay for failing drainage pipes under foundation?
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
Are you required to pay for health insurance while on short term disability?
That depends upon whether you are covered under FMLA, and the percentage of premium paid by your employer. If you are covered under FMLA, then your employer is required to continue coverage on the same basis as before your leave. For example if your employer was paying half the premium and you were paying half the premium, this arrangement would continue while you are on leave. You would be responsible for continuing these payments. If your employer pays 100% of the premium you would have no payments to make. If you are not covered under FMLA your employer is free to ask you to pay 100% of the premium.
Is the loss of your dental appliance covered under your homeowners insurance?
No, but it may be covered under your dental insurance plan.
Does homeowners insurance cover collectibles?
If you have scheduled the collectible items with your insurance company on your policy and paid the required additional premium then they are covered, otherwise they are not covered. Other items that are not covered under a homeowners insurance policy unless scheduled are; fine jewelry, antiques, furs, artwork, stocks, bonds, cash and other negotiable paper.
Are lost dentures covered under homeowners insurance?
Dentures are something that is generally covered under your Health Insurance policy.
Is yoga covered under the Ontario health insurance plan?
no its not covered by Ontario health insurance plan
Is a stolen motorcyle covered under home owners insurance?
No. It covered under a motorcycle policy.
Would likely be covered under homeowners insurance but not by renters insurance?
Damage to anything covered by the landlord's insurance, because the landlord owns the property not the renter. Such damage would be covered under homeowner's insurance, because the homeowner owns the property.
If your driver's license expires will you still be covered under your auto insurance policy?
If your driver's license expires will you still be covered under your auto insurance policy?
