Dan Minette wrote:
>
> ----- Original Message -----
> From: "Julia Thompson" <[EMAIL PROTECTED]>
> To: <[EMAIL PROTECTED]>
> Sent: Wednesday, January 01, 2003 4:07 PM
> Subject: Re: OT: mortgage default question
>
> > I don't think you can not pay into mortgage insurance, if it's
> > determined that you ought to have it. So the option of *not* having the
> > mortgage insurance may not be available in many cases.
>
> We have no escrow account on our present mortgage, although we had one on
> the first two mortgages. We were told that, if we paid 20% or more down,
> we didn't need it. We did, so we didn't. Do you know of a counter example
> to this, where a family paid at least 20% down on a first morgage on their
> primary residence and still needed to make mortgage insurance payments?
No. But a number of people put down less than 20% on a first mortgage
on their primary residence. I don't have any stats to find out how many
of them there are, though. :)
When you paid your >=20% down, did closing costs include any sort of
item that would have you pay for some sort of mortgage insurance at the
time of closing? Or is it just not considered necessary if you're
paying down enough at the time of closing to not need the escrow
account?
(Do we need an expert in the field?)
Julia
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