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Carlos Said:

buying a nd home and need mortgage insurance.?

We Answered:

homeinsurance.awardspace.us - try this one. Got my home insurance from them. As I know they provide such a service.

Carole Said:

I need to know what kind of insurance to buy. I am remodeling a home that will be vacant for six months.?

We Answered:

You need a course of construction policy (builders risk) in the amount of your loan.
If you are remodeling for lets say $X, you need to add that on top of your loan to cover the entire thing (the current structure and the addition/remodeling portion).
Just be aware that this kind of policy does not cover premises liability, as its only for the actual structural damage. If you want liability also, I suggest you get a separate liability policy for vacant dwellings.
You can get your COC (course of construction) policy through Zurich. You can either contact them directly, or you can call a local Farmers Insurance agent. They work w Zurich directly and will be able to give you more detailed personal assistance. The liability policy can be purchased through for example Nautilus Insurance Company.

Calvin Said:

I purchase a house in February. I live in Maryland. I keep getting calls about mortgage insurance.?

We Answered:

Mortgage insurance is a policy that will pay off your remaining debt to the lender when you die.
It is especially important if you have a spouse and young children. To often the bread winner dies and the stay at home spouse cannot make the mortgage payments.

Earl Said:

to get mortgage insurance do you need to go through medicals?

We Answered:

Unfortunately, most insurance companies will not take you on if you have a pre-existing medical condition which will render you unlikely to be able to work full time, or continue to work until the end of the term of the mortgage.
The best thing to do is run a google search on 'payment protection policy', and go to the inclusion or eligibility criteria. That will usually tell you pretty quickly, for example:
http://www.personalaccident.co.uk/eligib…

Kent Said:

What is mortgage and how can you have two mortgage?

We Answered:

A mortgage is a loan from a financial institution allowing you to purchase a home. Typically, you will put down 20% of the value of your home and mortgage 80%. Some people will take out a second mortgage (at a higher interest rate) to take money out of their home that they have vested. Here's an easy example:

A home cost $100,000 that you want to purchase. You put down $20,000, and a bank finances $80,000. So right now, you "own" $20K of your home. Now lets say you need $10,000 for some reason. You can take out a second mortgage because you "have" $20,000...it's just not available (it's in your house). So now you "own" $10,000 of your home, you have $10,000 in cash you borrowed with your second mortgage (at a higher rate) and you borrowed $80,000 with your first loan.

PMI (insurance) will typically be required by a bank if you are unable to "own" 20% of your home. It will protect the bank's investment in the event you default on your loan and the bank cannot recoup your outstanding debt after the foreclosure on your home. A nice trick, however, is the 80-10-10, where you take out a first for 80%, and a second for 10% (and provide 10% in cash). You will get "credit" for having 20% and therefore avoid paying PMI. This can be advantageous because a mortgage payment is tax deductible while PMI is not. The payments will be approximately the same, but because the interest is higher on the second you stand to receive a substantial refund come tax time for all the interest you pay. Later, you can refinance your first to include your second if your house has appreciated enough.