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Mortgage Insurance: Payments
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The qualifying process for loans covered by mortgage insurance is similar to that for regular mortgage loans. Generally, you need to have enough income to cover the monthly mortgage payment and closing costs, and a good credit background. Many mortgage insurance programs offer flexible underwriting features, such as alternative methods of credit verification.
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FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those of PMI. Compared to FHA insurance, PMI is less expensive, takes less time to be approved, and offers more payment plans.
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Most obviously, mortgage insurance benefits you because it offers you protection against any unexpected financial problems you may encounter that would leave you unable to pay your mortgage payment. This can be sickness, accident or unemployment. However, if you have mortgage insurance, at least you won't have to worry about not having a roof over your head while you worry about these and other problems.
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[I]f you make up a list of your taxes, you will see that mortgage insurance can save you money! The larger loan amount that results from a low down payment increases your tax deductions for mortgage interest. Purchase a home with MI, and enjoy the tax benefits of homeownership!
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Good mortgage insurance will pay your monthly mortgage payments directly to the bank if you are unable to work due to health reasons after 4 weeks off work. After the 4th week they will pay the monthly payments to the bank until you are able to return to work, till you are 65 or until your mortgage is cleared, whichever comes first.
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To succeed in canceling mortgage insurance, your outstanding loan balance has to be 78 percent or less of the home's appraised value. That requires double-digit appreciation if you make a down payment of 10 percent or less -- a pace that might not be realistic over two or three years.
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