|Mortgage & Refinancing Information|
How Good a Deal Is Your Banks Mortgage Insurance Plan?
When you go to the bank to get a mortgage, you'll inevitably be asked to take out mortgage insurance. The idea behind mortgage insurance is simply that if something happens to you or your spouse then your loan will be paid off which is good news for your family and the bank. Most financial institutions act like they are doing you a favor by offering you mortgage insurance through their own group plan, but are they?
The truth is that you could probably get a much better deal and at least an equal amount of protection by shopping around for your own insurance policy.
Essentially, mortgage insurance is no different than term-life insurance. With both, your policy only lasts for a specified period of time and pays its benefits if something happens to you or your spouse. The real difference comes down to how much control you'll have over your policy and how much you'll pay for it.
If you choose to use the mortgage insurance offered by the bank, you will not be able to customize a policy to fit your needs and you'll be lumped together with other borrowers under a group plan. Because of this, you will only have limited control over your policy. For example, through a third party provider, you would be able to choose your own beneficiary, decide how to spend the proceeds if necessary, and cancel the policy at any time. You would not have these options with a lending institution.
Additionally, the bank maintains the right to not renew your policy and to cancel the policy when you sell the house. If you find your own insurance provider, you can make those decisions yourself.
The other big difference is cost. A third party insurance policy's premiums will not go up, so you would pay the same premium today that you'd pay ten years from now. You won't get that same guarantee from a bank which can and probably will increase your premiums during the life of the policy. In most cases, you'll probably pay more through a bank anyway. In fact, you could pay as much as 40% more than you would if you shopped around and found your own insurance provider. Not to mention that the policy you take out through your bank will gradually decrease in value while a plan you select from an outside source will be worth the same amount during the entire policy period.
Of course, many people don't mind paying more for their mortgage insurance because it's more convenient than dealing with insurance agents. The truth is that you can easily find a policy that fits your needs and provides affordable premiums via the Internet. An organization, such as the Hughes Trustco Group, can even generate quotes for you from multiple insurance providers so you'll know that you're receiving the best deal possible on the policy you want.
The bottom line is that mortgage insurance is important and should be part of your home buying or refinancing preparations, but that does not mean you need to pay more or let the bank make important decisions for you. Instead, you should find your own personal plan from a third party provider which will let you stay in control of your policy and will save you money in the long run.
Ivon T. Hughes, The Hughes Trustco Group Ltd. Canadian Insurance Broker - Get a FREE Quote TODAY!Tel: (514)842-9001 Email: firstname.lastname@example.org Web: http://www.trustco.ca
Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021 - Fox Business
Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021 Fox Business
Today’s mortgage refinance rates are rising, but they’re still under 3% — for now | April 13, 2021 - Fox Business
Today’s mortgage refinance rates are rising, but they’re still under 3% — for now | April 13, 2021 Fox Business
Today's mortgage refinance rates — one key rate rises while others stick below 3% | April 12, 2021 - Fox Business
Today's mortgage refinance rates — one key rate rises while others stick below 3% | April 12, 2021 Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business
The Average Homeowner Could Reap $4,000 a Year by Refinancing. Here's the Smartest Thing You Can Do With the Savings - Money
The Average Homeowner Could Reap $4,000 a Year by Refinancing. Here's the Smartest Thing You Can Do With the Savings Money
Today's mortgage refinance rates keep rising — one key rate hits 3% again | March 30, 2021 - Fox Business
Today's mortgage refinance rates keep rising — one key rate hits 3% again | March 30, 2021 Fox Business
Today's mortgage rates inch up from record lows, but refinance rates still a great deal | April 15, 2021 - Fox Business
Today's mortgage rates inch up from record lows, but refinance rates still a great deal | April 15, 2021 Fox Business
Today's Mortgage and Refinance Rates: April 18, 2021 | Rates Swing Business Insider
Today's Mortgage and Refinance Rates: April 3, 2021 | Rates Bump Up Business Insider
Refinancing a home equity loan: Why and how to do it Fox Business
5 ways to identify mortgage refinancing scams FOX 5 Atlanta
Today's Mortgage and Refinance Rates: March 27, 2021 | Rates Slip Business Insider
Unify Collaborates with Experian to Improve Mortgage Refinance and Purchase Lead Quality - PRNewswire
UI Says HARP 2.0 Could Help Pandemic-Era Borrowers Mortgage News Daily
Top 3 Borrower Motivations Driving Surge In Refinance Loan Volume Digital Media Solutions
Fitch Assigns Saudi Real Estate Refinance Company First-Time 'A' IDR; Outlook Negative - Fitch Ratings
Fitch Assigns Saudi Real Estate Refinance Company First-Time 'A' IDR; Outlook Negative Fitch Ratings
VA Construction Loan Guide | Requirements & Process 2021 The Mortgage Reports
HFA Loan Guide 2021 | What is an HFA loan? Who qualifies? The Mortgage Reports
How to calculate commission income for your mortgage The Mortgage Reports
Mortgage Refinance Options & Types | Refinance Chase News & Stories
Saudi Real Estate Refinance Company -- Moody's assigns first time ratings to Saudi Real Estate Refinance Company - Yahoo Finance
Saudi Real Estate Refinance Company -- Moody's assigns first time ratings to Saudi Real Estate Refinance Company Yahoo Finance
Mortgage refinance demand plunges 43% from a year ago, as higher interest rates take their toll on borrowers - CNBC
Mortgage refinance demand plunges 43% from a year ago, as higher interest rates take their toll on borrowers CNBC
The 2 Big Reasons We've Stopped Making Extra Mortgage Payments The Motley Fool
Best mortgage refinance lenders in 2021 Bankrate.com
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
Today's mortgage refinance rates push further into record low territory | January 28, 2021 - Fox Business
Today's mortgage refinance rates push further into record low territory | January 28, 2021 Fox Business
3 signs you should refinance your mortgage right now Fox Business
Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 - Fox Business
Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business
Today's mortgage refinance rates stable, one key rate still below 3% | February 24, 2021 - Fox Business
Today's mortgage refinance rates stable, one key rate still below 3% | February 24, 2021 Fox Business
How do I get the most out of my mortgage refinance? Fox Business
The Best Mortgage Refinance Lenders of April 2021 Business Insider
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 - Fox Business
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Today's Mortgage and Refinance Rates: February 8, 2021 | Rates Up Business Insider
15-Year Mortgage Refinance Rates for April 2021 NextAdvisor
Can refinancing a mortgage hurt my credit score? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Current 30-Year Refinance Rates for April 2021 NextAdvisor
Finding the Online Homeowner Loans You Want
Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves needing additional money but not wanting to pay an exceptional amount on interest.These online homeowner loans use the equity that you've built up in your house as collateral to secure the loan, and usually feature interest rates and loan repayment terms that are competitive to if not better than many loans that are offered by more traditional physical lending institutions such as banks and finance companies.
Refinancing Your Mortgage Can Really Save You Money
Refinancing a mortgage is simply taking out a new mortgage. It means paying off one or more old debts by getting a new loan.
Flexible Mortgage Guide
Here is a useful flexible mortgage guide. Flexible mortgages are loans which allow you to increase or decrease the size of your repayments within certain limits.
Home Equity Loans Online
If you are in the market for a home equity loan, consider an online lender. Home equity loans online are fast and easy.
Are Biweekly Mortgages Really Worthwhile?
You may have heard people, especially mortgage lenders, extolling the virtues of biweekly payments, saying that you can save thousands of dollars and take 5-7 years off your mortgage--and then offering to set up a biweekly plan for you for as little as $400. But you don't have to spend $400 to begin saving money and time on your mortgage.
VA Loans, A Gift from Uncle Sam
Uncle Sam has a gift for the men and women who serve our country. It is the VA loan.
Foreclosure Scams To Be Aware Of
Homeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don't get me wrong, most lenders and agencies are reputable and legit.
Mortgage-Refinance Loan Can Put Cash in Your Pocket
Do you need cash? Here's a mortgage for you. If you are not in a good position to take an equity line of credit on your home, because you have not built enough equity or a poor credit situation is making bankers steer clear of you, altogether, there is another option -- the cashout refinance.
Short-Term Interest Rates on the Rise; Adjustable Rate Mortgage Holders Prepare for Increase in Rate
Interest rates are on the rise and many home owners who have adjustable rate mortgages may see increases in their forthcoming annual adjustments.Federal Reserve Chairman Alan Greenspan made it clear in 2004 that the Federal Reserve would be increasing short-term interest rates at a "measured pace.
Understanding a UK Commercial Mortgage
In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose.
No Money Down Home Loan
Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or 100% financing for your mortgage loan used to be only advertised during late night infomercials and in obscure real estate publications. The good news is that if you want to buy a house but have little or no money available for the down payment, there are mortgage lenders who are offering no money down home loans in your area.
Home Loan Confusion Continues
Unfortunately, most Americans still do not understand how home loans work and how to take advantage of the wide array of programs available. The way I see it, people are still confused about mortgages in general and real estate finance, in particular.
Home Loan Applications Made Easy
You have finally found the home of your dreams. You have searched all over and are ready to purchase it.
Choosing The Right Buy-To-Let Mortgage
Buy-to-let took off during the 1990s with the increasing availability of specialist mortgages tailored towards the sector.For most people investing in buy-to-let schemes, mortgages are a vital component for funding the investment.
Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage
Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling.
How To Save Money On Your Mortgage
Obtaining a home loan is arguably the most expensive transaction you'll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor worth pursuing.
Types of Mortgage Interest Rate
Here is a useful guide to the different types of Mortgage Interest Rates that are available. Mortgage Lenders offer all kinds of different deals when it comes to the interest you pay on your mortgage.
A Guide to the Best Remortgage Deals
Finding the best remortgage deals isn't always easy, especially with the large variety of lenders available today. It can sometimes take a lot of research and time to locate the best remortgage deals for your home, though the end result is often worth it.
Mortgage Loan Most Bankers Wont Give May Be Exactly What You Need to Buy or Refinance Your Home
A few years ago, a loan officer who worked for me was having a problem helping a customer. He was new to the business and had very little patience for problems (as you might have already guessed, he didn't last very long).
Mortgage-Refinance Loan Measurment 101 -- Evaluate Your Own Ability to Pay
We live in a society where people are losing their homes at an alarmingly high rate. There are several reasons for this, but one could certainly be avoided -- buying a house that creates a loan that is too large for you to handle.
|home | site map|
|© 2006 TIGER MEDIA|