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Mortgage Insurance: Mortgage Insurance Companies
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According to nationally syndicated columnist Kenneth Harney, only about 250,000 American homeowners are carrying unnecessary mortgage insurance. When you look at census data, that works out to about 0.3% of home owners. Information from Mortgage Insurance Companies of America, the mortgage insurance industry trade group, indicates that there are approximately 5.2 million mortgage insurance policies in force, meaning only about 13% of the loans in any given portfolio will require annual notification.
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Shares of mortgage-insurance companies have soared since Dec. 6, the day before word leaked out that Congress was finally ready to let homeowners deduct mortgage-insurance premiums. On Dec. 9, Congress did approve the deduction.
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Consumers have very little choice in the selection of a mortgage insurance company. Most lenders have negotiated commitments with their mortgage insurors prior to entering into their loan agreements with borrowers.
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Private mortgage insurance companies try to help you hold onto your home if you get into trouble and run into some financial difficulty. PMI companies realize that their success depends on your success, and that is why they work with lenders to help you minimize the risk of losing your home if you meet with difficulties making mortgage payments.
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PMI companies highlight the fact that mortgage insurance is predictable, affordable, and cancelable. They ... say that second mortgages are often adjustable-rate mortgages and that you’re stuck with the loan until you pay it off.
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Mortgage Insurance Companies