What Are the Pros and Cons of Lender-Paid Mortgage Insurance (LPMI)? Mortgage insurance is usually required by lenders if the borrower can’t put down at least 20% as a down payment when purchasing the home. Mortgage insurance does not benefit the borrower in any way. Instead, it is what protects the lender and repays them if the borrower doesn’t pay back … [Read more...] about What Are the Pros and Cons of Lender-Paid Mortgage Insurance (LPMI)?
6 Questions You Should Ask About Your Title Insurance When the ownership of a property is transferred to a new person after a purchase, title insurance is what protects that buyer (and the mortgage lender) from any problems with the title. If a dispute about the title arises, it is the insurance company’s responsibility to pay certain legal damages (depending … [Read more...] about 6 Questions You Should Ask About Your Title Insurance
Why Do Insurance Companies Check Your Credit Score? Many homeowners are surprised to learn that insurance companies check their credit scores. They do this in order to calculate a term known as an “insurance score” which is a ranking that takes into account a person’s credit history and score. Why do they analyze my credit score? … [Read more...] about Why Do Insurance Companies Check Your Credit Score?
How Often Should You Review Your Home Insurance? Insurance policies can be confusing, especially for homeowners who have more than one policy. There can be accidental overlaps or gaps in coverage, resulting in paying for more or less than what you need. Homeowners should get into the habit of reviewing their home insurance policies at least twice each year. … [Read more...] about How Often Should You Review Your Home Insurance?
What Is an Insurance Impound? Once you begin the mortgage process you will probably come across the term insurance impound. This is a tool used by the bank to collect and hold your funds for your home insurance payments. While this might be beneficial for some homeowners, you might want to take a closer look to see if this would benefit you or turn out to be … [Read more...] about What Is an Insurance Impound?