NLIC.org

Ramon Said:

Which mortgage estimate is right?

We Answered:

Not knowing your taxes how could anyone tell.

Principal & Interest on $105,000.00 at 5% over 30 years would be $563.66 add your taxes and insurance and you have your mortgage payment.

I suggest you get a good faith estimate which your loan officer will give you at application. You will need to give them an estimate for the property taxes and insurance and they will estimate your payment based upon a interest rate they can lock in on that day and they will estimate your closing costs.

Why go on what "Someone says" when you can get the information from the loan officer themselves.

Jose Said:

Has anyone used a mortgage life protection plan?

We Answered:

Look, Mortgage protection, mortgage life, mortgage life protection, can all mean slightly different things, and for the most part, are a bad idea.

Never, ever buy insurance that pays off someone ELSE.

You can't get an accurate quote online. You also can't get an accurate quote without filling in an application.

So if you're hell bent on buying this relatively expensive, not so hot product, that pays your CREDITOR if you die, talk to a local agent.

Rhonda Said:

Does the lenders run the credit check to get mortgage rates ?

We Answered:

all are true. The score does have an effect if below 620 at this point in time and yes many credit pulls will drop scores
I am a mortgage banker in TN & KY

Morris Said:

Staircasing mortgage on a shared ownership property - deposit required?

We Answered:

If you own 25% and will be buying the other 75%, it will no longer be shared ownership. That said, most lenders will not loan more than 80 to 90% of the value of the property. Depending on the size of the mortgage on your current share, you may need more down to meet that requirement. This IS NOT a deposit. It is a nonrefundable PAYMENT toward the price of the property.

Terri Said:

What companies still offer "actual" Mortgage Life Insurance policies?

We Answered:

Primerica is a company that offers decreasing term insurance. This is what you would call mortgage insurance. But you would have to qualify for health questions. Think about it, you are looking at a large amount of money. The co. wants to be sure that they pay out as little as possible. They want healthier individuals to be policy owners. So, you are looking for decreasing term insurance. Look in your yellow pages for Primerica.