CONTACT BONNIE

  • Bonnie Erickson, REALTORĀ® in the Minneapolis and Saint Paul area of Minnesota can be contacted by phone at 612-419-1829 or by e-mail


Awards

  • One of 10 Top Women Real Estate Bloggers in 2006
  • The Magnificent 7 Consumer Real Estate And Mortgage Articles of 2006
  • My "Houses and More" Blog

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March 05, 2008

Comments

Bonnie Erickson

Carin, I checked your website and see it is from Canada. I'm choosing to leave your comment although it appears to be geared to getting business for you.

What your website describes as private mortgage insurance is not the private mortgage insurance required in Minnesota by lenders. The PMI required at the closing table insures the lenders against default on the part of the person buying the home. It has nothing to do at all with someone dying and the mortgage being paid off as a result. You are referring to an entirely different product. PMI is a requirement in order to buy a house if the buyer does not have a 20% down payment. It is NOT an option.

Carin

Good article.

Before committing to the mortgage insurance offered by the lender, I would suggest homebuyers compare prices with term life insurance. Term life is usually cheaper, and also gives the homebuyer the advantage of being able to name the beneficiary. The homebuyer will also have the option to choose a conversion policy; once the term has finished, it automatically converts into whole life insurance and begins to accrue a cash value.

Blue Ridge Mountains Cabins For Sale

This is a great post with so many people hearing it's a great time to buy and have never owned a home and wonder what all is involved and how much they will need this offers a great list of what can be expected.

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