Monthly Archives: October 2009

How can my pmi insurance on my mortgage be lowered?

Posted by on October 31, 2009 4 comments

Two days before I cloed my pmi went up 800 dollars. I now pay 800 a month just for private mortgage insurance. I have made all payments on time for a year. I just want it to be lowered to what is normal. O yeah and with this market i have no equity to refinance!

PMI stays on a property until the house reaches 80% loan to value. The bank usually automatically removes the PMI when the value is at 78% of the loan.

So, you either need to make extra principal payments on the loan or you need to sit it out and wait for the market to gain value.

Talk to your bank again when you see houses around you selling for what you think will give your house an 80% loan to value and get an appraisal done.

If you have no equity now, it is impossible to make it go away.

Refinancing won’t make it go away – unless, you get two loans instead of one. The first mortgage is done at 80% loan to value of the property. The second mortgage (at a slightly higher percentage rate) is done for the balance (in this case 20%). You pay both off at the same time, but the second is a shorter loan period.

It works because if you have a second mortgage for the same cost each month as the PMI, you are paying 800 toward your house, as opposed to paying it to PMI (money you won’t see again).


How does car insurance work when driving other peoples cars?

Posted by on October 31, 2009 7 comments

I have a 200bhp car and my car insurance provider (quinn direct) allows me to drive other peoples cars 3rd party as long as the cars not in my name.

Does that mean I could drive a 400bhp car then and be insured or is it limited to cars under my insurance group?

Yes you can drive any car and it don’t matter what engine is in the car. 3rd party means if you smash up the other car you won’t get it fixed by the insurance company so you will have to put your hand in your pocket.


What life insurance is best for a husband and wife who are newly pregnant?

Posted by on October 31, 2009 4 comments

My sister and her husband just found out they’re pregnant, and now her husband is researching life insurance. Which is best for a new family? They make average income for a couple.

http://best-life-insurance-usa.blogspot.com/
try this one. I have their insurance and, as remember, they can provide such a service.

What do you know about home insurance involving a fire?

Posted by on October 31, 2009 6 comments

My friend had a fire in her home, during the final days of the sale. The insurance company is trying to prove fraud on her part, which there is none, and she has not paid out since Sept. 28, 2006. She is going for a polygraph test later next month, in the mean time she has no where to live, they have given her $2500 living allowance and refuse to give her more at this time. Any suggestions on what she can or should do?

If she truly did nothing to cause the fire, then it may be time for her to hire an attorney.

5 months to settle a claim is not really an unreasonable time, especially if there are suspicious circumstances. And if they do prove that she started the fire, that $2500 they gave her under the "additional living expense" portion of her homeowners policy, they are going to want it back. If she started the fire, they legally don’t have to pay her a dime, including living expenses.

Insurance companies have every right to investigate any claim, auto, homeowners, injury claims, anything they suspect might be fraud. Insurance fraud is a multi-billion dollar industry in this country.

Is it a bad idea to get CMHC mortgage insurance when buying a house?

Posted by on October 28, 2009 1 comment

My friend is planning to buy a house in Ontario. He’s pretty young, in his 20s and he might buy another house when he starts a family. He asked me if its a bad idea to get CMHC mortgage insurance when buying a house? Does it put a black mark on his credit record and effects him when buying another house later on? Also I heard, starting October everyone in Canada has to put a 20% when buying a house. Is this true?

No, you don’t have to put 20% down. But if you don’t you need mortgage insurance – either from CMHC or another company to borrow from any major lender in Canada. There is a sliding percentage, highest with 5% down and reducing to nothing at 20% down. This is not a matter of his choice he is unlikely to get a mortgage without it.

It has nothing to do with his credit or subsequent housing purchases. What happens in October is that CMHC will no long insure 40 year mortgages or ones with less than 5% down. The other mortgage insurers have followed suit and some major banks have already implemented the policy.

Is it a bad idea to get CMHC mortgage insurance when buying a house?

Posted by on October 28, 2009 1 comment

My friend is planning to buy a house in Ontario. He’s pretty young, in his 20s and he might buy another house when he starts a family. He asked me if its a bad idea to get CMHC mortgage insurance when buying a house? Does it put a black mark on his credit record and effects him when buying another house later on? Also I heard, starting October everyone in Canada has to put a 20% when buying a house. Is this true?

No, you don’t have to put 20% down. But if you don’t you need mortgage insurance – either from CMHC or another company to borrow from any major lender in Canada. There is a sliding percentage, highest with 5% down and reducing to nothing at 20% down. This is not a matter of his choice he is unlikely to get a mortgage without it.

It has nothing to do with his credit or subsequent housing purchases. What happens in October is that CMHC will no long insure 40 year mortgages or ones with less than 5% down. The other mortgage insurers have followed suit and some major banks have already implemented the policy.

Where do car insurance companies get your driving record in CA?

Posted by on October 28, 2009 6 comments

I hit a guys bumper while driving a company car a couple of years ago and I thought he filed a claim but the company took care of it and I never heard about it again. I’m getting car insurance and I pulled my driving record from the DMV and all I have is a seatbelt violation but no accidents. Is there another database somewhere that insurance companies will check or is it just your DMV record? Maybe this all got settled without insurance intervention and I dont’ want to pay higher fees if its not necessary. Am I in the clear?

Was a citation issued at the time of the accident? If not, it won’t show up in the MVD. The insurance industry also has something similar to a credit report, called the CLUE report that lists past property and casualty claims made by you. That is used as well in determining your insurability.

Where do car insurance companies get your driving record in CA?

Posted by on October 28, 2009 6 comments

I hit a guys bumper while driving a company car a couple of years ago and I thought he filed a claim but the company took care of it and I never heard about it again. I’m getting car insurance and I pulled my driving record from the DMV and all I have is a seatbelt violation but no accidents. Is there another database somewhere that insurance companies will check or is it just your DMV record? Maybe this all got settled without insurance intervention and I dont’ want to pay higher fees if its not necessary. Am I in the clear?

Was a citation issued at the time of the accident? If not, it won’t show up in the MVD. The insurance industry also has something similar to a credit report, called the CLUE report that lists past property and casualty claims made by you. That is used as well in determining your insurability.

How can my husband open a life insurance policy?

Posted by on October 28, 2009 6 comments

We recently found out we are expecting a baby and need to open a life insurance policy in case something would happen to him so we’d be taken care of. We have insurance that is paid for by his employer. How do we go about getting life insurance? Is it added to our existing medical insurance, or can we get it separately?

You can buy a separate life insurance policy on your own, in addition to requesting life insurance from your employer, if they offer it.

To get your own life insurance policy you can contact a local life insurance agent, or visit a life insurance quote service to request free life insurance quote comparisons online from several insurers. You can learn about term life insurance at http://www.term-life-online.com

Term life insurance offers you temporary life insurance for 1-30 years. It costs much less than permanent life insurance, because it is temporary, and builds no cash value within the policy.

Many young families choose 10, 20, or 30 year level term life insurance because it offers the most coverage at the lowest cost.

Level term life insurance provides coverage and premiums that remain the same each year for up to 30 years.

If you want, you can request life insurance from your employer, but you may have to pay for it, and if you leave your company, or get laid off, the group term life insurance plan ends. You may be able to convert it to a permanent life insurance plan, but it would cost you a lot more. And, if you waited until later to get your own life insurance policy, you may not be able to qualify for coverage if you develop a health condition.

You may want to consider a term life insurance policy for you and your husband. Imagine what it would cost to replace everything you do for your family, and will be doing for your growing family once you have a child.

Bets of luck to you and your husband. And, Congratulations!!!

How can my husband open a life insurance policy?

Posted by on October 28, 2009 6 comments

We recently found out we are expecting a baby and need to open a life insurance policy in case something would happen to him so we’d be taken care of. We have insurance that is paid for by his employer. How do we go about getting life insurance? Is it added to our existing medical insurance, or can we get it separately?

You can buy a separate life insurance policy on your own, in addition to requesting life insurance from your employer, if they offer it.

To get your own life insurance policy you can contact a local life insurance agent, or visit a life insurance quote service to request free life insurance quote comparisons online from several insurers. You can learn about term life insurance at http://www.term-life-online.com

Term life insurance offers you temporary life insurance for 1-30 years. It costs much less than permanent life insurance, because it is temporary, and builds no cash value within the policy.

Many young families choose 10, 20, or 30 year level term life insurance because it offers the most coverage at the lowest cost.

Level term life insurance provides coverage and premiums that remain the same each year for up to 30 years.

If you want, you can request life insurance from your employer, but you may have to pay for it, and if you leave your company, or get laid off, the group term life insurance plan ends. You may be able to convert it to a permanent life insurance plan, but it would cost you a lot more. And, if you waited until later to get your own life insurance policy, you may not be able to qualify for coverage if you develop a health condition.

You may want to consider a term life insurance policy for you and your husband. Imagine what it would cost to replace everything you do for your family, and will be doing for your growing family once you have a child.

Bets of luck to you and your husband. And, Congratulations!!!