Posted on: 28th Jan, 2009 10:01 am
do you have to carry credit life insurance if you do not have a 20% equity in your home in North Dakota
Hi harriettm!
Welcome to forums!
As far as I know, a credit life insurance is a type of insurance which is purchased by the mortgagors so that the loan will be paid off in full in the event of their death. I do not think it has anything to do with 20% equity in the home.
By the way, are you speaking about PMI? PMI is an insurance that lenders require from the borrowers who obtain a loan which is more than 80 percent of their new home's value.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, a credit life insurance is a type of insurance which is purchased by the mortgagors so that the loan will be paid off in full in the event of their death. I do not think it has anything to do with 20% equity in the home.
By the way, are you speaking about PMI? PMI is an insurance that lenders require from the borrowers who obtain a loan which is more than 80 percent of their new home's value.
Feel free to ask if you have further queries.
Sussane