Private Mortgage Insurance for low down payment loan

eric1 · Posted: Mon May 04, 2009 4:21 am Post subject:

Not only will you have to purchase mortgage insurance (PMI), but your rate will most likely be higher also. Therefore, your payment will jump significantly when you go from 80LTV to 81 LTV

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Eric is correct. Your payment will be higher due to PMI and higher interest.

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HOW DOES PMI APPLY WHEN BORROWER DIES. IS THERE STILL A
FORECLOSURE? MORTGAGE PAYMENT NOTICE ONLY SHOWED
MORTGAGE PAYMENT DUE 46.02. BORROWER LEFT A WILL THINKING
MORTGAGE WOULD BE PAID OFF

gmakerley · Posted: Wed Jan 27, 2010 2:02 pm Post subject:

sidney, private mortgage insurance has nothing to do with mortgage life insurance. if there was mortgage life insurance on the debt, then a claim would need to be filed with that insurance company in order for the loan to be paid in full.

as for foreclosure, if there was a default on the loan, then presumably the life insurance benefit, if any, may have been defaulted on as well. typically, that's paid for along with the loan payment, so if payments cease on the loan, the insurance company will cancel its policy.

i think you've got some homework to do, frankly. perhaps the lender can assist you, though they're probably not all that helpful once a loan has gone into default.

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