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  1. #1
    oklagp1200r's Avatar
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    House mortgage insurance

    Anyone have this on there home loan? Price for it? Is it worth it or really needed? Thanks


  2. #2
    Beagleman62's Avatar
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    Are you talking about PMI? Or are you talking about insurance that covers your house payment if you become disabled or loose you job and you can't make the note? If you put less than 20% down or if you have a loan to value ratio of more than 80% your lender will require PMI. You have no choice. But after you have been paying on the loan for a while and the LTV drops below 80% you can get them to drop the mortgage insurance. It doesn't cover anything on your end it covers the lender.

  3. #3
    oklagp1200r's Avatar
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    Insurance that pays like you said hurt, loose your job, die then pay off your loan!

  4. #4
    83Gator's Avatar
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    Quote Originally Posted by oklagp1200r View Post
    Insurance that pays like you said hurt, loose your job, die then pay off your loan!
    What you're referring to is usually called credit life &/or disability insurance. Only you would know if you need it, but an agent can help you make an informed decision. Purchased through the creditor, it will normally be more expensive than if you own your own policy, but not always. It's completely voluntary and I'd proceed w/caution. Circumstances that need to be considered are: are you married, have dependents/children, do you already have some type of life or disability policy, what other assets would you want to protect in the event of a "claim"...? If you'd like to go into detail, feel free to PM me and then we'll go to telephone. I have nothing to sell you (although I am a licensed insurance agent), but I will give you advice for free.

  5. #5
    oklagp1200r's Avatar
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    Thanks Gator will let you know!

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