Can I ask my lender to pay mortgage insurance in advance instead of in my monthly payment?
2007-03-26 23:44:47 · 3 answers · asked by reelgirlrohman 1 in Business & Finance ➔ Renting & Real Estate
Of course. Everyone always smiles, and accepts it when you offer them money!
2007-03-26 23:47:40 · answer #1 · answered by xenypoo 7 · 0⤊ 0⤋
If you have extra money, why not put it on the principal instead? It will reduce your mortgage insurance a great deal. I know what you're thinking....but when your mortgage reaches 80% of the appraised value, your mortgage insurance is gone. (You have to request it, though, they will continue to collect it if you don't....)
You could reach 80% in no time with increased property values....
Think about it, I don't think it's a wise decision...
2007-03-27 01:06:44 · answer #2 · answered by Barbara 5 · 0⤊ 0⤋
You could but I can't understand why you would want to do so. It's bad enough that you have to give them an interest-free loan for the impounds and I can't imagine anyone wanting to give them even MORE free money. But it's your money so knock yourself out if that's what you want to do.
2007-03-27 00:14:19 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋