laws for the state of on mortgage insurance

Author Message
crmtruckinginc

Guest






PostPosted: Fri Nov 30, 2007 2:58 pm    Post subject: laws for the state of on mortgage insurance

i would like to find out if a finance company can make me purchase mortgage insurance in the state of maryland?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile livinginnky
livinginnky
Moderator


Joined: 08 Sep 2007

Posts: 637

29.96 Dollars($)
PostPosted: Fri Nov 30, 2007 5:06 pm    Post subject:

Nobody can make you do anything you don't want to do. But they don't have to give you a mortgage either.
_________________
Eric Matthews

Mortgage Refinance and Home Loan Guide
Icon Mini Profile jenkin7
jenkin7



Joined: 04 Jun 2007

Posts: 3426
Location: Hawaii
513.63 Dollars($)
PostPosted: Tue Dec 04, 2007 6:02 am    Post subject:

Hello Crmtruckinginc,

If you are making less than 20% down payment for purchasing a property with a mortgage, you will have to pay mortgage insurance.
Icon Mini Profile evolovik26
evolovik26
Community Experts
Community Experts


Joined: 15 Aug 2007

Posts: 538
Location: Minneapolis
28.93 Dollars($)
PostPosted: Tue Dec 04, 2007 6:44 am    Post subject:

correction you wont have to pay mortgage insurance if you have a loan over 80% but most lenders offering conforming loans will require that you do have Mortgage Insurance. On an FHA loan you required to have Mortgage Insurance no matter what (even if you are below 80% LTV)
_________________
Eugene Volovik
Home Loan Consultant
Countrywide

612-481-3127
Conventional, FHA and Commercial Lending in 48 states
Icon Mini Profile livinginnky
livinginnky
Moderator


Joined: 08 Sep 2007

Posts: 637

29.96 Dollars($)
PostPosted: Tue Dec 04, 2007 9:32 am    Post subject:

Good point Eugene,

If it is a subprime loan they won't make you pay up to 100%. Of course the rates are currently laughable.

_________________
Eric Matthews

Mortgage Refinance and Home Loan Guide
Dinah

Guest






PostPosted: Sat Mar 14, 2009 9:10 am    Post subject: remodification of home mortgage

My daughter wants to to a loan remodification under the new law President Obama passed two weeks ago. Her mortgage company says she can't because she has a "state financed loan" and that the state of Maryland will lose money if her loan is modified. What does this mean? Thanks
Alessandro

Guest






PostPosted: Mon Mar 16, 2009 5:58 am    Post subject:

Hi Dinah,

As far as I know if you had made a loan before 1st of january, 2009, have a primary loan of less than $729,500 and live in the property, and fulfil certaqin other requirements, you can modify your loan under new obama law. I haven't heard of any restrictions for the state financed loans. I think you should talk with the lender and ask them to clarify why they cannot modify your loan.
Icon Mini Profile savior70




Joined: 25 Mar 2009

Posts: 1416
Location: Florida
167.66 Dollars($)
PostPosted: Thu Mar 26, 2009 5:07 am    Post subject:

Hi

I haven't heard of any restriction for state financed loan either. Dinah, you ought to ask your lender to explain why they will lose money if they refinance the loan under the loan modification laws President Obama has recently passed to boost the real estate market.
digdale

Guest






PostPosted: Wed Aug 05, 2009 6:27 am    Post subject: requirements

do i have to carry mortgage ins. if the loan balance is less then the value of the land?
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor


Joined: 09 Nov 2007

Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
PostPosted: Wed Aug 05, 2009 9:22 am    Post subject:

digdale, whether you need mortgage insurance or not is dependent upon the lender with whom you are doing business.

just so i know what you're referring to...are you asking about insurance that covers the lender in the event of a default, or are you asking about insurance that covers fire, theft, liability, etc. on the property?

there's an enormous difference in the two.

_________________
George M. Akerley
Loan Consultant

860-221-5044
digdale

Guest






PostPosted: Wed Aug 05, 2009 12:58 pm    Post subject: ins.

I had a 100000 loan which is now down to 40000 with most of the interest already paid. If I am required to have mortgage
for fire and theif, can I get ins. for just the balance of the loan. its a 15 year mortgage with 3 years left on the loan.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor


Joined: 09 Nov 2007

Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
PostPosted: Wed Aug 05, 2009 2:03 pm    Post subject:

your insurance is going to have to cover full replacement cost, and your insurance agent can coach you on that. in other words, if it costs $125000 to replace your home in the event it was destroyed, that's what you have to have as minimum coverage.

honestly, as a homeowner you don't want to get minimal coverage anyway - if you ever had a disaster you'd be out of luck if you only covered your mortgage balance.

_________________
George M. Akerley
Loan Consultant

860-221-5044
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0