NLIC.org

Anna Said:

Can I pay in advance for mortgage insurance?

We Answered:

Of course. Everyone always smiles, and accepts it when you offer them money!

Florence Said:

In California why mortage lenders require fire insurance but not earthquake insurance?

We Answered:

California has lots of brush-fires when it gets hot, especially around San Diego

Stanley Said:

Is my mortgage insurance allowed to contact me?

We Answered:

if you don't make your payments EVERYONE is allowed to contact/call you and even sue you.
knock knock ... pay up !!

Edward Said:

Can a bank waive Mortgage Insurance for a borrower?

We Answered:

My experience is in the USA, but for here the mortgage insurance is charged by the bank for conventional loans (there are gov't insured loans where the gov't laws determine when and if they must charge the mortgage insurance) so they can decide to charge that or not. However, they usually charge it for over 80% loans and this is a company policy, its not like they would waive it for you or really even negotiate this. I could see them possibly running a special where they did not charge this on some 90% loans, or something, but aside from something like this I can't see how you could avoid paying this (other than putting 20% or more down).

Christy Said:

Do I still need buildings insurance after I pay off my mortgage ?

We Answered:

No you dont have to, but I would definitly get insurance for the house, on a replacment cost maybe for a lower policy limit which makes it cheaper, you never know what might happened i'll give you some example:

1. Fire
2. Pipe burst which cost 0000's or breakdown of the toilet causing water damage in the house.
3. wind, lightning etc.......
4. Theft, Vandalism........
5. Collapse due to snow or damage to the buidling due to a falling object from the sky or a tree or whatever....