North Florida Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Mortgage Insurance
Does anyone here have it? Pros? Cons? Is it necessary? We get offers for it all the time ever since we moved in but we haven't signed up. I asked my dad and he doesn't have it. I was just wondering if it's common. I know we have a few insurance ladies on here so I'm interested to see what you guys think.
Re: Mortgage Insurance
My Ovulation Chart
Mtg insurance is mandatory on conventional loans over 80% LTV (unless you got a higher rate and got lender paid mortgage insurance...either way it's still mi).
I don't see why anyone would pay for mtg insurance if they didn't have to per LTV constraints.
Then wouldn't you just buy life insurance so you could pay off the house plus any other expenses and not be limited to just the house?
This was my thought and why we haven't gotten it. I guess I just wanted confirmation that my thought process made sense.
ETA: During our closing, the seller's agent and her daughter (also an agent) mentioned that they wish they'd known about it. The husband/father had died previously and I guess they were struggling. I did think at the time that more life insurance would have addressed the issue but wondered if there was something I wasn't thinking of. They were both BSC though so who knows.
Me too. H & I both have enough life insurance to pay off the mtg and most of our current debt if needed. We also increase our life insurance each year if we're able.
We are required to pay PMI into escrow because we didn't put 20% down/don't have 20% equity in our home.
However, those offers for Mortgage Insurance are basically junk. Life insurance is meant to cover such expenses.
How is it that my BABY is going to be 3?
BFP-2/25/11; 8 Wk U/S-3/25/11-No HB, measured 6.5 wks; D&C
Mortgage insurance is (in many cases) required by your lender if you borrow more than 80% the equity in your home.
It doesnt help you one bit (its actually quite expensive). It basically covers your mortgage in the event you default with the bank. It pays the bank back if you default.
What IS important to have is title insurance on a home. If you buy a home and lets say a contractor puts a lien on the property because he did the addition to the home 5 years ago (with the previous owners) and they never fully paid, title insurance would protect you in this case. Same goes for new properties. If you buy a home from a builder and 6 months after closing, you find out that the plumber was never paid and he put a lien on the property, your Title insurance would protect you.
Other than that, just make sure you have enough life insurance to cover your balance on the home and you're good.
I'm pretty sure title insurance was required when we bought our house. The seller may have paid for it but I don't remember.
How is it that my BABY is going to be 3?
BFP-2/25/11; 8 Wk U/S-3/25/11-No HB, measured 6.5 wks; D&C