Category : mortgage : Insurance

Breaking a Mortgage Contract

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If you're considering breaking your current mortgage contract and taking out a new one at a lower interest rate, think it through carefully. The cost savings of a reduced monthly loan payment may be offset by a hefty early prepayment penalty. The penalty doesn't prohibit you from breaking your contr

Typical Mortgage Insurance Rates

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When a buyer purchases a home with less than a 20 percent down payment, he or she is required to obtain mortgage insurance. This type of insurance was created to protect lenders in case the owner defaults on the loan. Mortgage insurance is commonly called Private Mortgage Insurance (PMI) because it

What Is a Reverse Mortgage?

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A reverse mortgage allows senior citizen homeowners to convert part of the equity of their homes into cash. If you find yourself strapped for cash and unable to pay your bills, taking out a reverse mortgage could provide you with extra income and allow you to remain in your home. Certain risks are i

Help for Mortgage Arrears

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Often people fall behind on their mortgages due to circumstances outside their control. Sometimes people lose jobs, become injured and even experience the death of a wage earner. Stay in communication with your mortgage lender if you're not able to make your payments on time. When you ignore the pho