Mortgage Insurance

Q: What is PMI? Do I need it?
View Answer

Q: What is the latest on cancellation of mortgage insurance? We bought a home a year ago with 10% down and were required to have mortgage insurance. Now the value has increased greatly…?
View Answer

Q: I purchased a home in January 1999 for $148k. The house at that time appraised at $155. Now the same models are selling for $225-$250k. What is the outlook of reducing PMI or removing PMI? (We only put 10% down.)
View Answer

Q: We are new homeowners, and I am a little unsure of the insurance that we need. Can you let me know what PMI covers and also do you recommend us getting any other type of home insurance. We own a condo that is 20 years old.
View Answer

Q: My father purchased a property about a year and a half ago. He died almost a year ago and I just discovered he has PMI insurance. Would that pay for the balance of his loan because of death? We have not told the mortgage company of his death because my brother is living there and has been paying the mortgage but would never qualify for a mortgage on his own.
View Answer

Q: I am buying my first home and have been looking over the options given to me for a fixed rate mortgage using my small savings for a down payment. I don’t have 20% down and a 95% loan with mortgage insurance was one choice, but why should I pay mortgage insurance when it is not tax deductible?
View Answer

Back to FAQs