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In addition, if you have a property tax exemption and it expires, your mortgage payment could increase. “If your home’s value is reassessed and the taxes go up, or if your insurance premium ...
The date you’re submitting the letter and the expected closing date of your home purchase (if you know it) A summary statement or short intro that quickly helps an underwriter identify the topic ...
For example, let’s say that your current mortgage loan balance is $360,000. But your home is only worth $300,000. In that case, you would have negative equity of $60,000.
Principal and interest were clear, plus taxes and home insurance, but we were caught off guard by mortgage insurance. This was the first time either of us had ever heard of insurance for a mortgage.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
Federal law requires a lender to cancel private mortgage insurance (PMI) on conventional loans when a mortgage term is at its halfway point, or when the mortgage balance drops to 78 percent of the ...
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The insurance company says that the average increase was $244 per year, partially due to an increase in extreme weather, natural disasters, risk elevation and inflation.