What Is Mortgage Insurance and How Does It Work?
ฝัง
- เผยแพร่เมื่อ 26 เม.ย. 2018
- If you are wanting to learn what mortgage insurance is and how does it work, watch this short video, where I talk about PMI, MI and funding fees.
Contact me at www.tampa2enjoy.com/contact-us/
There’s a lot of confusion on what mortgage insurance is, how does mortgage insurance work and what’s the difference between mortgage insurance (MI) and private mortgage insurance (PMI).
Here are 3 important takeaways:
1. Conventional Loans have Private Mortgage Insurance (PMI)
2. FHA Loans have Mortgage Insurance (MI)
3. VA Loans have a Funding Fee
Learn more about mortgage insurance at en.wikipedia.org/wiki/Mortgag...
Please contact me if you have any questions.
Sincerely,
Lance Mohr
Mohr Home Group at Keller Williams
813-317-4009
www.tampa2enjoy.com
/ tampa2enjoy
Thank you for posting this video. I had no idea this was true of an FHA loan. When I bought my house with an FHA loan, I wish someone had explained this to me. (There was already so much information coming at me as a first time homebuyer, I guess I missed this part.) Lots of people told me I would be able to get rid of the mortgage insurance after a while, but apparently not! It’s crazy that I’m paying not only homeowners insurance, but also mortgage insurance. I know they are two completely separate things, but come on. Everyone wants their piece of the pie, I guess. And don’t even get me started on property taxes! 🙄
Anyway, thanks for the info. 👍🏽
You didn’t explain what happens to the monies you have paid into mortgage insurance if you default on the loan?
Why am I paying for lenders mortgage insurance? And the lender is beneficiary? If buyer default, they lose the house and lender gets house and insurance money. What a fabulous deal!
Makes no sense
@@xxxxxxxx183 It's not supposed to make sense. Just shut up and give them your money
Hi. Just a note, it was a great information, and presented clearly and your tempo was perfect 👌. Thank you, from NH.👍🍀
Nice and helpful, sir. Thank you.
Thanks for posting this video !! I'm studying to get my real estate license and the online course is so confusing when it explained Conventional Loan/PMI. This video helped me a lot. 🌷
Thank you for watching my video.
@@Tampa2Enjoy thanks for the info , if owner dies the insurance pays the loan does the house go to a person you want it to or someone or a person on the deed?
Good job.. great video
Thank you.
Great video! Very informative
Thank you very much.
When PMI ends below 78%, does your monthly statement decrease? Or does extra money get applied to your Principal and the monthly statement remains the same.
How about USDA rural home loans? Can you make a video on this topic sir. Thanks
Thanks , very helpful!
Thank you for watching my video.
Thanks
So you described what it IS, but not really how it works. So what happens if the borrower goes into default from accident or disability and just can't make the payment?? The bank gets the house? What good is the mortgage insurance for the borrower then?
What do you consider a low down payment?
Thank you I will get rid of it soon
Thank you!
Thank you for watching my video
This is help .
Am I gonna get my money back for my mortgage ensures after I finish my loans ?
So, if I never default on the loan, make every payment, do they give me ANY of my money back?
Thank you so much. I just got a job working for a loan agency and my background is with health insurance. I'll be a customer service representative taking calls and I'm still trying to grasp all this information. You better explained this than my instructor. I would have to take calls they said where people are trying to request an appraisal to remove their pmi but they have to be at 76-80% of loan to value ratio (if I didn't get that wrong in my notes) they say usually above 80% they may get denied for it. That part confuses me.
Thank you very much for watching my video and thank you for your comment. I wish you the best of luck.
@@Tampa2Enjoy thank you. 😊
Hey thanks for the content. I have a question on how to proceed.
Currently my father is in charge of the mortgage and I saw he has a high int. Rate and we’re going to refinance with a lower rate. HOWEVER, my concern is about the appraisal. We plan on fixing the house but aren’t sure to do this before the appraisal as we may end up having to pay more for the house. Should we wait to do the home remodeling after the appraisal?
Can you call me? 813-317-4009
Is National MI good?
Lance do you have a video on how to shop for home owners insurance?
@@Tampa2Enjoy Thank you, mine its actually conventional so go ahead and reach out them. Thanks again.
@@Tampa2Enjoy One last question Lance. Why us it that in Florida we should pay owners title insurance even though its optional if we have the homestead exception. Doesn't the homestead already protect you against any and all that comes your way? Thanks.
So we just brought our new home in April with FHA loan. The MI is so crazy. I was told that I could refinance in 3-5 to conventional loan & get rid of MI. Is this correct?
Great question and thank you for your video Lance.
I’m also looking to buy a home and it appears FHA would be best for us, to start. Thank you Lance for making this video.
My question is is would it be worth it to refinance?
Can you refi fha after 1 year?
What do you mean by reaching the 20% equity? Thanks(:
To use an easy example. Let’s say your house is valued at $100,000. Once you have paid it down to $80,000 you now have 20% equity in your home. Pay it down to $70,000 and you now have 30% equity and so on.
Do most PMI packages offer "disability".... and is this a good thing?
@@Tampa2Enjoy .. no they don't offer it... Or... no ,... this is not a good thing.?
My husband and I have an fha loan. He passed on the 20th of August. I have missed the last two payments. I'm trying so hard to pay it now. We have insurance on the loan incase of death, but will it be negated if I haven't paid two months. I didn't have the death certificates until a few days ago. I couldn't do anything about the bills until then. I never paid any bills... I should have called them but I didnt. Now they won't answer or call me back
Am I going to lose my and our kids home
If I am very sorry to hear this period you might want to send the letter a certified letter explaining everything.. When they get it you will have their signature that they received it. Make a copy before you send it to them
@@Tampa2Enjoy thank you so much for responding. I will do that first thing tomorrow
Where do people get these loans? Are they done in-house or do they shop around for loans?
If you do not put 20% down then the mortgage company will pick one for you. Good luck in your purchase.
Our loan was a 360 term and the MIP was a for a term of 128 months, after that the payment went down and.we are paying for it not anymore but you are saying it’s for life if the loan?
Lance Mohr
how are not paying premiums anymore I wonder?
Lance Mohr
hummmm, something is off. We bought in 2008 on FHA Loan and the MIP says it’s only for 128 months. Escrow documents show it cutting out also after 10.66 months, and payments go down that same amount. Am I understanding the FHA requirements changed in 2013 and that was for the life of loan then after? Have to call the bank and see what’s happening.
I mean after I pay of my lone are they they gonna give me back all the money I paid Morgan ensure ?
No.
So it doesn’t pretext the buyer but we have to pay it .. if we default we still loose the home but the mortgage company gets payed ..? 😑
Yes. Your mortgage company will make you pay it if you do not put 20% down.
Isn't pmi the same as Fannie mae
For how long does the mortgage insurance cover the home owner in case of default ?
.On an FHA loan mortgage insurance or stay on the loan forever. If it is a conventional loan and you get 20% equity you can call the bank and get it removed. They will most likely have to do an appraisal. Just make sure you call the bank on a conventional loan. You're a loan officer should've told you all this when they put you under mortgage insurance.
@@Tampa2Enjoy I ment on an fHA loan, how many times or fir his long will the insurance cover or protect homeowners ?
@@NkwasiasemAkwakwa the mortgage insurance will never stop on an FHA loan.
@@Tampa2Enjoy I know , my question is how long will the insurance cover a missed payment ?
@@NkwasiasemAkwakwa never, it is to protect the lender, not the homeowner.
VA Funding Fee, got it
Thank you for watching my video.
Good video...
interested in mortgage lead?
Thank you.
So, that insurance doesn't protect me in anything?
In what way it going to protect them, they still have the power to kick me out of the house and foreclose it at current market value (not same value as when I got it), if i got the house at $200k two years ago and today i become default they will most likely foreclosr it at around $300k plus any equity i gave them during those 2 years.
@@Tampa2Enjoy thank you for replying.
So basically avoid paying PMI or MI it’s just a waste of money.
Thankyou lance for all your helpful videos.were seniors and have learned alot! Husband is a veteran.looking for a small loan Maybe $50,000 for manufacturing home.will be putting $10,000 down .would va be the best way to go with less fees?
Read the damn title. WHAT IS MORTGAGE INSURANCE AND HOW DOES IT WORK. I don't give a damn how the bank get's their money back, I want to know how this insurance protects me. Damn.
If the video is what it is and how it works. I guess you wanted the cost of it? If? I cannot give the cost without knowing all your details. That's why I did not have cost in the title or description or tag. If you have a question you can ask it instead of complaining about what I went over.
You didn’t explain what happens to the monies you have paid into mortgage insurance if you default on the loan?