On Wed, Jan 01, 2003 at 02:53:25PM -0600, Julia Thompson wrote: > I don't think you can *have* a mortgage without having paid into > some mortgage insurance pool at the time of the loan. I think it's > included in the closing costs. If you *really* want to know, I can > dig up the paperwork on the house we just sold and see what sort of > a line-item there would have been for that. I *know* that part of > the closing costs when we bought that house were for some mortgage > insurance. Of course, maybe this is just Texas law.
I would like to know. My understanding, from reading a number of different sources, was that mortgage insurance is not required if you put up at least a 20% down payment. > My understanding of how the mortgage insurance works (and I may be > way off) is that you pay in at the time of closing on the mortgage, > your money is put in a pool with a lot of other people's, and if there > is enough left over in your pool after you've paid off the loan, you > might get a little bit back. This is the way the system was working > from the time my father-in-law bought a house in Richardson, TX in > 1960 or 1961 until the 30-year note was paid off; he got a little bit > back from the whole thing. I'm not sure what happens if you sell the > house or refinance before the payment period is up. IME, that's not what people typically mean when they talk about mortgage insurance. Every source I've read talks about people having to pay a monthly premium for mortgage insurance until they have built up 20% equity in their house (if they had less than a 20% down payment to begin with) -- "Erik Reuter" <[EMAIL PROTECTED]> http://www.erikreuter.net/ _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
