Eliminating Private Mortgage Insurance

December 22, 2009 by Rob Spring · Leave a Comment 

How to Eliminate your PMI: 
For loans made after July 1999, lenders are required by federal law to automatically cancel Private Mortgage Insurance (PMI) when the loan balance falls below 78 percent of your purchase price — not when you achieve 22 percent equity, which will happen much more quickly with rising property values. (Certain “higher [...]

What are Homeowner’s Insurance, Private Mortgage Insurance, and Title Insurance?

November 29, 2009 by Rob Spring · Leave a Comment 

What are homeowner’s insurance, private mortgage insurance, and title insurance?

A homeowner’s insurance policy is a package policy that combines more than one type of insurance coverage in a single policy. There are four types of coverages that are contained in the homeowners policy: dwelling and personal property, personal liability, medical payments, and additional living expenses. [...]

What is PMI?

November 29, 2009 by Rob Spring · Leave a Comment 

Private Mortgage Insurance Helps You Get the Loan
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided [...]

Estimating Your Insurance Related Closing Costs

November 20, 2009 by Rob Spring · Leave a Comment 

Insurance Closing Costs

Homeowner’s Insurance
This insurance covers replacement costs for damages caused by fire, wind or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage.

Flood or Quake Insurance
Additional hazard insurance coverage that is required for homes located in a designated hazard zone as established by [...]