Interested to Join - Repossessed Houses for Sale, Sell House Quickly, House Repossession Forum

Chuck · 07-21-2009, 07:29 AM

I met an old friend sometime back and while we were reminiscing our happy days, he mentioned something about mortgage insurance. Although it got my attention that time, we drifted on to different topics. How does it work? I mean, if I have a mortgage on my house, do I need to apply for it?

Margaret · 08-07-2009, 08:42 AM

A mortgage insurance does not apply to a home owner. It provides coverage for the company that gave you the loan. A mortgage insurance therefore is a policy that will compensate the lenders for losses incurred as a result of a home owner defaulting on a mortgage loan.

Marshall · 08-15-2009, 02:28 PM

Nice explanation Margaret!

Chuck · 08-15-2009, 02:32 PM

Thanks for that. It helped a lot. Good thing I learned about this before I spent any money.

Lily · 08-16-2009, 04:25 AM

So how does a homeowner benefit from this?

Prof Henry · 08-16-2009, 04:34 AM

Quote:

Originally Posted by Lily

So how does a homeowner benefit from this?

Aside from protecting lenders of their money, it also protects homeowners from being thrown out of their own houses in cases of default.

Prof Henry · 08-16-2009, 04:37 AM

Quote:

Originally Posted by Chuck

Thanks for that. It helped a lot. Good thing I learned about this before I spent any money.

Actually, you can still spend your money this way. Think of it as a life insurance but instead of covering you, it insures your home. and did you know that a mortgage insurance can allow you to buy a new house with less deposit? This means that you don't have to wait until you have the money needed for that 20% deposit.

Margaret · 08-16-2009, 06:50 AM

Quote:

Originally Posted by Prof Henry

Aside from protecting lenders of their money, it also protects homeowners from being thrown out of their own houses in cases of default.

I see. Thanks for that.

Chuck · 08-16-2009, 01:07 PM

Quote:

Originally Posted by Prof Henry

Actually, you can still spend your money this way. Think of it as a life insurance but instead of covering you, it insures your home. and did you know that a mortgage insurance can allow you to buy a new house with less deposit? This means that you don't have to wait until you have the money needed for that 20% deposit.

Thanks for this Henry. Guess this means I'm going to invest then.

Allison · 08-16-2009, 02:13 PM

How do you invest? Who do you go to?

07-21-2009, 07:29 AM	#1 (permalink)
Chuck Junior Member Join Date: Jul 2009 Location: Burbank, CA Posts: 16	Interested to Join I met an old friend sometime back and while we were reminiscing our happy days, he mentioned something about mortgage insurance. Although it got my attention that time, we drifted on to different topics. How does it work? I mean, if I have a mortgage on my house, do I need to apply for it?

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08-07-2009, 08:42 AM	#2 (permalink)
Margaret Junior Member Join Date: Aug 2009 Posts: 15	A mortgage insurance does not apply to a home owner. It provides coverage for the company that gave you the loan. A mortgage insurance therefore is a policy that will compensate the lenders for losses incurred as a result of a home owner defaulting on a mortgage loan.

08-15-2009, 02:28 PM	#3 (permalink)
Marshall Junior Member Join Date: Aug 2009 Posts: 7	Nice explanation Margaret!

08-15-2009, 02:32 PM	#4 (permalink)
Chuck Junior Member Join Date: Jul 2009 Location: Burbank, CA Posts: 16	Thanks for that. It helped a lot. Good thing I learned about this before I spent any money.

08-16-2009, 04:25 AM	#5 (permalink)
Lily Junior Member Join Date: Aug 2009 Posts: 6	So how does a homeowner benefit from this?

08-16-2009, 02:13 PM	#10 (permalink)
Allison Junior Member Join Date: Aug 2009 Posts: 9	How do you invest? Who do you go to?