----- Original Message ----- From: "Julia Thompson" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Wednesday, January 01, 2003 4:26 PM Subject: Re: OT: mortgage default question
> 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?) > I don't have my closing papers in front of me, but nothing we paid at closing looked like mortgage insurance. I was told that the mortgage insurance covers the difference between the down payment and 20% of the sales price by a number of folks who should know what they are doing. This is the first time we paid 20% down; it was facilitated by the move package we got from my former company. Dan M. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
