Mortgage Insurance Endicott NY

Mortgage insurance, also called PMI, is the insurance homeowners pay when they do not have an adequate down payment for their homes. This insurance affords some protection for the lender and goes away as the mortgagee pays down some of the loan.


1 . Local Companies

HSBC Bank
1.800.975.HSBC (4722)
Reliable Mkt/Family $ 1115 Conklin Rd
Conklin, NY
Esquire Abstract
(607)798-1660
205 Oakdale Road
Johnson City, NY
Partners Trust Bank
(607)786-4160
1923 Vestal Parkway East
ENDICOTT, NY
Farrell Realty USA Com
(607)754-4040
3660 George F Highway
ENDICOTT, NY
Binghamton Mortgage Company
(607)348-0388
4747 Vestal Parkway East
VESTAL, NY
HSBC Bank
1.800.975.HSBC (4722)
Chenango Plaza 1314 Front St
Binghamton, NY
Citizens Bank - Vestal / East
607-723-5760
3212 Parkway E.
Vestal, NY
Allstate Insurance Gary D Stoneberg
(607)766-2363
3209 Vestal Pkwy E-g
Vestal, NY
M & T Bank - Residential Mortgages- Banking Departments- M & T Mortgage Corpora
(607)786-4720
35 Washington Avenue
ENDICOTT, NY
Commonfund Mortgage Corporation
(607)798-0900
3439 Vestal Parkway East
VESTAL, NY

2 . Paying For Mortgage Insurance

Chances are you will not have any say in finding your mortgage insurance, or PMI, policy. Instead, your lender will choose the policy. Many people get confused by PMI because it does not work the same way as other types of insurance. You, as the homeowner, are paying for the mortgage company's insurance policy. While that may seem unfair, it is the price you are paying for the lender giving you money without any proof that you will pay.

The lender chooses a mortgage insurance company for all their mortgagees who do not put down the required payment. This mortgage insurance company will have a fairly standard policy regarding how much each homeowner will pay, and this payment typically is based on the value of your home and no other factors.

Escrowing the mortgage insurance, which means paying a portion of the premium monthly with your regular mortgage payment, usually is the only option you have. While you can choose not to escrow taxes or homeowners' insurance, you will need to pay the mortgage insurance directly to your lender each month, and then he or she pays the insurance company using your money.

Mortgage insurance may seem unfair, but it allows some people who otherwise would not be able to save a down payment to purchase a home on their own.

3 . Understanding Mortgage Insurance Versus Homeowners' Insurance

Mortgage insurance and homeowners' insurance are not the same, though it is easy to confuse the two. Homeowners' insurance is something you get on your own. It requires calling around and getting quotes, then choosing the best policy. Homeowners' insurance covers your costs if something happens to your house, such as a break-in, or some natural occurrences, such as tornadoes, destroy your home.

Mortgage insurance, on the other hand, is insurance for your mortgage company in case you default on your mortgage. This insurance, also called private mortgage insurance (PMI), is a type of insurance people are required to get if they do not put down an adequate down payment, which typically is 20 percent of the cost of the home. In times past, few people got PMI because most lenders did not permit less than a 20 percent down payment, but during the recent housing boom, this type of insurance became commonplace.
The mortgage lender needs some assurance that he will get his money back if you cannot keep up on the payments for your loan. Mortgage insurance is a way to help ensure the expense for your lender. Mortgage insurance typically is a percentage of the cost of your home, and it can get very expensive for larger homes, making a down payment even more attractive for you.

4 . Getting Required Mortgage Insurance

For most homeowners, there is little they need to do in order to get mortgage insurance. The lender typically has the insurance policy already set up as a standard part of the lending agreement in cases where the homeowner does not have an adequate down payment. The homeowner has little choice in the matter, but that does not mean she cannot ask questions.

Your mortgage broker should explain the PMI process and how much you can expect to be paying before you begin looking for a home. Because mortgage insurance can add a fairly hefty sum to the monthly payment you will be making, educating yourself about the policy the mortgage broker uses is necessary to help you estimate the home you can afford.

Ask your mortgage broker now about any questions you have. You also can ask for documents related to the mortgage insurance, including how much you will pay, how it will be collected, and when it will stop. Knowing these policies ahead of time can save you a significant amount of money and stress in the long run because you will be making your mortgage decisions based on a full picture.

Beyond knowledge, though, you should need to do little for your mortgage insurance. Chances are good that your lender will take care of the details for you.
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