How many months of taxes and home owners insurance do I have to prepay on an impound account on a home loan? The bank is charging me 4 months of prepaid taxes and an additional 6 months of prepaid taxes and 2 months of prepaid homeowners insurance and 1 year prepaid of homeowners insurance. I will also be paying them in my monthly statement.
Posts Tagged ‘Insurance’
what is pmi/mip insurance on a home morgage?
24
Apr
I have had a home loan with wells fargo for 2 years and I need to refinance. I did not have this insurance the first time and now they want to add it.
HUD’s FHA section 223 mortgage refinancing insurance program for multifamily buildings: Hearing before a subcommittee of the Committee on Government … Congress, second session, October 3, 1978
09
Apr
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Home equity line & Insurance?
24
Mar
Back in October we pulled a homeequity line of credit on my doublewide. We had allowed the insurance to lapse since the house was paid off so we had to get new insurance. We could only get insurance on the houses tax value of 53,000.00, despite the appraisal value being 167,000.00. The morgage company would only allow us to get a morgage for 55,000, instead of the 65,000 we were looking for because of the insurance policy. Why can we not get a loan for more then the house because the land itself is worth 30-40,000? I asked the insurance agent and she said that they couldn’t insure the land.
Why is it that I can’t get a loan on the land too…
the tax value of the land is 37,000. The house was a dump when the tax values were last assessed, and my county has a history of low taxes/low tax values as compared to “actual values”
plus how could I ever sell it if the new buyer couldn’t get a loan for the real value… (if the market ever picks up)
but is the land any good as equity for a loan?
If you refinance your home into FHA loan and have 20% equity do you still need monthly mortgage insurance?
19
Mar
With 30 year FHA loans the monthly MI is in place for the life of the loan.
Kind regards,
Geoff Johnston
Mortgage Relief Specialist
GovernmentRefinanceAssistance.com
480.219.0585 (direct)
760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I ask this question of refinancing into an FHA loan with LTV being less than 80% would monthly mortgage insurance still be required and the answer is (yes with a 30 year loan) I wouldn’t have believed it if I hadn’t heard it from a government web site! Any thoughts?
Thanks, Sherry
The reason we went FHA is the processor told me her scores were to low to do conventional cash out refinance.
i have 20% equity in my home yet my fha refinance is charching me with mortgage insurance is this right ?
16
Mar
i am in the last days of closing a refi and more questions than answers are popping up
Home loans with low down payments require PMI insurance, so why are banks losing money on sub-prime mortgages?
12
Mar
A home loan with less than 20% down requires PMI (Private Mortgage Insurance). Since most “sub-prime” mortgages would require PMI, why are banks losing so much money on these loans? Shouldn’t it be the insurance companies that lose the money?
Do we need to get a new title insurance when we refinance our home mortgage loan?
22
Feb
We bought a title insurance when we first got our home loan. We are now refinancing with another bank and they are requiring us to get a new title insurance. Is this right?
No Credit, Bankruptcy Pay Less Bills! Lower Loans & Insurance Cost College Financing And Federal
23
Nov
MORTGAGE LOANS Bad Credit Mortgage If you’re a first time home buyer, we offer a variety of loan programs to assist you in making your first time home purchase decision – even with bad credit probl…