This article covers Top Private Mortgage Insurance Companies List Of America. A mortgage insurance or a private mortgage insurance is a kind of insurance that primarily benefits and protects lenders more than it does the borrowers. This insurance aims to protect the lender in case the borrower fails to pay the loan and the lender fails to recover the costs after foreclosure and property sale.
A private mortgage insurance isn't at any all a bad thing for borrowers as it is one mortgage element that allows them to get a home loan with a lower down payment. It is worth noting however that this insurance will protect your lender and your lender alone. And as the buyer of the coverage, you will pay the premiums so as to protect your lender.
This kind of insurance is usually required by lenders due to the risks of defaults associated with lower down payment mortgages. So as a whole, the one and only benefit this insurance gives the borrowers is the ability to get a loan with a low down payment.
On a related note, do not confuse private mortgage insurance with mortgage protection insurance. Although these two items sound alike, these two are very different in their goals. As mentioned, the private mortgage insurance protects your lender from your non payment. Mortgage protection insurance on the other hand, will pay off a loan in the event of a borrower's death.
Going back to the mortgage insurance companies list, The Homeowner's Protection Act of 1998 allows borrowers to request for the cancellation of their insurance once they reach 20% equity in their loan. Lenders are also required to cancel the insurance when 78% LTV is reached as well. Some rule exceptions may require further insurance coverage.
Furthermore, your insurance premium can also be tax deductible. Do check with a mortgage professional or tax expert to know more about your tax options.
Mortgage insurance(MI) is deductible as qualified interest for qualifying homeowners who purchased their homes in 2007 or later. This tax provision which has been given a 2nd chance after expiring after 2011, allows taxpayers to deduct MI premiums as qualified residence interest. If you have paid or accrued MI before January 1st of this year, make sure you are taking this deduction. There is a phase-out provision based on your Adjusted Gross Income – so be sure to contact your accounting professional for advice. The deduction for qualifying MI expired on December 31, 2013 and although it could be retroactively extended at a later date there does not appear to be any push on the part of lawmakers to do so. With home prices increasing and mortgage rates remaining near historical lows it may make sense for homeowner’s with MI to refinance into a new home loan without MI. Contact your Mortgage Trust loan professional today for a no obligation review of your options!
Quite simply, 10 year term insurance is a fundamentally superior option compared to the bank mortgage insurance. Here are some reasons why 10 tear term insurance is better and much cheaper than bank mortgage insurance:
If you are quick paying your mortgage, your bank insurance premium will be relatively high for a rapidly reducing amount of insurance. Individual insurance policies maintain the same coverage. You can reduce the coverage and cost at any time as your mortgage reduces.
If you have a low interest rate on your mortgage, having the bank automatically pay off the mortgage may not be the best choice.
Once approved, the insurance cannot be cancelled should your health become a problem. The bank can cancel your insurance each time you renew your mortgage.
If you renew your mortgage through a different bank or credit union to take advantage of a lower interest rate, you can’t take your bank mortgage insurance with you; you have to re-apply at an older more expensive age bracket, and of course still insurable.
Families get twice the coverage for the same price. That is, if you both die there are two policies that pay off towards your children’s benefit.
You own the Insurance Plan and retain control of it.
Your premium and coverage will not change for 10 years. The bank’s premium will change when you renew the mortgage – usually every one to five years.
If you have other insurance needs you can combine all your insurance needs and get a lower rate with your own plan, taking advantage of volume discounts as the cost per thousand dollar is lower with higher coverage amounts.
If you are insuring mortgages on rental properties, you can also get bulk rates, transfer coverage to new properties and eventually use the proceeds of the plan to pay capital gains taxes.
1. Triad Guaranty Insurance Company.
2. GE Capital Mortgage Insurance.
3. The Radian Group.
4. PMI Mortgage Insurance Company
5. CMG Mortgage Insurance Company.
6. Genworth Financial.
7. MGIC Mortgage Guaranty Insurance Corporation.
8. United Guaranty Insurance Company/
9. Republic Mortgage Insurance Company
10. Investors Mortgage Insurance Company.
While searching the internet for mortgage insurance companies list be sure to add to your search string the name of your state and city so that you get local save on local search results. For your convenient here is a list of US states and largest cities: in Alabama AL, in Alaska AK, in Arizona AZ, in Arkansas AR, in California CA, in Colorado CO, Connecticut CT, Delaware DE, District of Columbia DC, in Florida FL, Georgia GA, Hawaii HI, Idaho ID, Illinois IL, Indiana IN, Iowa IA, Kansas KS, Kentucky KY, Louisiana LA, Maine ME, Maryland MD, Massachusetts MA, in Michigan MI, Minnesota MN, Mississippi MS, Missouri MO, Montana MT, Nebraska NE, Nevada NV, New Hampshire NH, in New Jersey NJ, New Mexico NM, in New York NY, North Carolina NC, North Dakota ND, Ohio OH, Oklahoma OK, Oregon OR, Pennsylvania PA, Puerto Rico PR, Rhode Island RI, South Carolina SC, South Dakota SD, Tennessee TN, Texas TX, Utah UT, Vermont VT, Virginia VI, Washington WA, West Virginia WV, Wisconsin WI, Wyoming WY. in New York, in Los Angeles, in Chicago, in Houston, in Philadelphia, in Phoenix, in San Antonio, San Diego, in Dallas, in San Jose, Detroit, Indianapolis, Jacksonville, in San Francisco, in Columbus, Ohio, Austin, Memphis, Baltimore, Fort Worth, Charlotte, El Paso, Milwaukee, Seattle, Boston, Denver, Louisville- Jefferson County, Washington, Nashville-Davidson, in Las Vegas, Portland, Oklahoma City, Tucson, Albuquerque, Long Beach, Atlanta, Fresno, Sacramento, New Orleans, Cleveland, Kansas City, UK, Virginia Beach, Omaha, Oakland, Miami, Canadian, Canada, Northern Ireland, Australia, Tulsa, Honolulu, Minneapolis, Colorado Springs, Arlington. AL. AK, AS, AZ, AR, CA, CO, CT, DE, DC, FM, FL, GA, GU, HI, ID, IL, IN, IA, KS, KY, LA, ME, MH, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, MP, OH, OK, OR, PW, PA, PR, RI, SC, SD, TN, TX, UT, VT, VI, VA, WA, WV, WI, WY.
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