What are your thoughts on mortgage insurance?
June 25, 2009
Coco-bunny asked:
I’m in the market for a house and read about mortgage insurance. Is it good to have and what the difference between that and homeowner’s insurance?
I’m in the market for a house and read about mortgage insurance. Is it good to have and what the difference between that and homeowner’s insurance?
June 26th, 2009 at 9:49 pm
What is mortgage insurance? seems like a waste of money…I would rather use the money to pay off my house faster…
June 28th, 2009 at 4:37 pm
UNLESS you put down 21% of the house costs you will be required to pay Principal Mortgage Insurance PMI . this pays back the outstanding principal (not value) to the mortgage holder not you. It is a reasonable insurance fro them. A ‘Mortgage Insurance’ that covers your mortgage is a rip off. get term life only – better deal.
visit daveramsey.com to learn what bankers pray you never ever learn or apply in your life. how to own your money.
read ‘house buying for dummies’ b4 you sign any thing. fixed rate only 30 yrs or less equal to 1 week take home pay for P&I.
or we get to visit you.