Mortgage lenders don't require that borrowers have life insurance, but they offer borrowers the option of purchasing mortgage life insurance. A mortgage life insurance policy names the mortgage lender as the borrower's beneficiary. If the borrower dies, the lender uses the insurance money to pay off the loan.Know More
Mortgage life insurance is an option for borrowers who want to avoid having their survivors be responsible for paying off a mortgage in the event the borrower dies. However, there may be a better way to achieve the same goal.
Consumers should compare the cost of mortgage life insurance to the cost of term life insurance. Term insurance is often less expensive, and it gives beneficiaries the option to use the money however they want.Learn more about Credit & Lending
It is possible for someone who has cancer to get life insurance, but it may be difficult or expensive. In most cases, the insurance company requires the patient to be in remission for a specific amount of time before approving a policy.Full Answer >
National mortgage settlement checks are reimbursements to mortgage borrowers as a result of historic joint state-federal settlement with mortgage lenders. In 2012, the lenders issuing reimbursement to borrowers included GMAC, JP Morgan Chase, Wells Fargo, Citi and Bank of America.Full Answer >
PMI, or private mortgage insurance, is a policy that allows borrowers to buy a home with a down payment smaller than 20 percent. The purpose is to protect the lender in case the borrower defaults on the loan, as stated by Bankrate.Full Answer >
Mortgage lenders evaluate an applicant's FICO scores from one or more of the three major credit reporting bureaus: Equifax, Experian and TransUnion. Individual FICO scores reflect the credit history of the applicant, and the scores with each bureau can differ slightly.Full Answer >