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Johnny Said:

Mortgage Insurance: Recommended?

We Answered:

First, title insurance is a one time (usually just a few hundred dollars) fee when you buy your house. Definitely get it, since it protects your investment, to make sure the person selling had the clear title (and the right to sell it).

Next - mortgage insurance - usually, there are a couple types, but they often benefit your mortgage holder -- NOT you. So, for example, if you put less than 20% down, your lender might require mortgage insurance to protect their loan.

Mortgage life insurance -- different than plain mortgage insurance -- will pay off the remainder of the mortgage if you die (or your spouse, if the policy is for him).

I would recommend either regular life insurance or mortgage life insurance for you both. If something happens to one of you, the other doesn't want to worry about selling the house/making full payment while grieving (especially if you are both earning and need both incomes to pay the monthly mortgage). You don't need a lot probably if you don't have kids - just whatever each of you would need so the survivor doesn't have financial hardship.

Homeowners insurance. Yes, you need this. It protects your investment and your mortgage lender probably requires you to have it!

Umbrella - unless you run a business out of your home or have a LOT of assets, your homeowners policy will probably cover most of what you need.

Insurance isn't fun to think about, but it is good to have.

Aaron Said:

Bakersfield Home Owners Insurance?

We Answered:

They may want to try a website that compares multiple companies at once to get them the best price. I am paying less than ½ after I did.

Go to: http://www.insureme.com/landing.aspx?Ref…

Take care,
Casey

Yvonne Said:

Can I file to receive the first time home owners credit if I am on the title of my parents house?

We Answered:

I don't think so.