Tag Archive | suffolk news

Different kinds of real estate insurance for Norfolk Homebuyers

Someone just emailed me to ask about the differences in real estate insurance.

Let me clarify when buying a home there are many different kinds of insurance.

1. Hazard/Fire Insurance -required to have, protects you for fire and wind, extra coverages can be added as needed or required, flood, earthquake, upgraded coverages,etc…. Paid in your monthly payment on VA, FHA, and most less than 25% down LTV Conv loans.

2. PMI/with MIP- Private Mortgage Insurance– Required on CONV and FHA Loans usually where the buyer puts down less than 20% -its purpose is to help the lender if the buyer defaults on the loan-the premium is charged in to the monthly payment until the home has about 78%-80% equity and then it goes away. MIP-Mortgage insurance premium is the set up fee for the PMI paid with closing cost or financed in to the total loan.  You can talk to lenders about split loans 80/20, 80/10/10, to help avoid paying PMI AND MIP 

3. Mortgage Protection Insurance MPI- Is optional usually can set this policy up after you have closed on the home. This insurance will pay off balance of mortgage in case of deaf. Check with your mortgage provider to see what company they would recommend.

For help finding an insurance providers in the Hampton Roads Area give me a call,

Dee Dee Jones

Wainwright Real Estate

http://DJonesSellsHomes.com

The Hampton Roads real Estate Lady

Congrats to All Americans

Congrats to all Americans and Hampton Roads citizens! We did it, we showed up in rare form. In numbers to vote for change on either side of the isle. I voted in Chesapeake, VA and It took me 50 minutes from the time I parked my car, stood in line, voted and came on out. I was disappointed because I was prepared to give my husband the I told you we should have voted absentee speech. I was glad to see large crowds on the news. We can’t say are vote did not make a difference because this time it definitely will. I hope next year we will be benefiting from some changes. That’s what this is all for. I hope the new policies are implemented, I hope the candidates were not just talk, I hope the Senate and the House hold up there end of the deal so that we can move on to bigger and brighter things as a nation.

Thanks to everyone who voted!

Dee Dee Jones

Wainwright Real Estate

http://DJonesSellsHomes.com