However, most FHA home loans require an upfront mortgage insurance premium or MIP and an annual premium regardless of the down payment amount. The upfront premium is 1.75% of the loan amount and is due when the mortgage closes. You can pay in cash or roll the amount into the loan. The...
Read the full-text online article and more details about "Get the Right Insurance for You; Is Life Insurance Essential When You Take on a Mortgage? Financial Expert David Wilson Offers His Advice" - The Journal (Newcastle, England), September 3, 2011...
A smaller monthly payment could give you the chance to save more for emergencies or pay off other debt. Switch to a fixed or adjustable rate: When you refinance, you can switch to a different type of mortgage rate. If you have a fixed-rate mortgage, you could refinance into an ARM ...
Final mortgage statement.It might seem superfluous in lieu of all the other paperwork you’re receiving, but make sure you get a final statement showing the loan paid off in full. When it comes to owing enormous financial institutions huge sums of money, you simply can never have too much ...
Suddenly, that safety net you’ve been counting on disappears, leaving you without coverage unless you take action. While it’s a great perk while you’re employed, it’s important to understand the limitations of group life insurance so you’re not caught off guard when it’s time to ...
To decide which type of payment is a better option, you need to evaluate your personal situation. "Typically, your options are you can take a lump sum distribution, or you can take payments over your lifetime," says Rich Ramassini, director of strategy and sales performance at PNC ...
Insurance to provide family protection and financial security to surviving family members upon the death of the insured person.Insurance to cover a particular need upon the insured’s death such as paying off a mortgage or other debts.56. What should you take into consideration when choosing a ...
Learn seven great tax deductions you may be able to use if you’ve bought or sold a home this year. Owning a home means you may be eligible for deductions and credits for origination fees, mortgage interest, property taxes, and more.
What to Do if Your Homeowners Insurance Is Canceled There are several steps you can take if your policy is canceled. First, when you receive a notice, read it to see why your insurer chose to cancel or not renew your policy. Contact your mortgage lender as soon as possible to explain th...
Private mortgage insurance(PMI) is insurance that lenders require from homebuyers who put down less than 20% of the home's purchase price. PMI protects the lender in case the borrower defaults on the loan. If yourdown paymentis less than 20%, you will likely have to pay PMI until you’v...