 708-597-8884 - S.W. |
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Envision Mortgage Solutions is an Illinois Residential Mortgage Licensee and a local Chicagoland company to provide personal service: Crestwood Office
4731 Midlothian Tpke #32
[contact us] [directions]Crestwood, IL 60445 [708] 597-8884
Licensed with the Illinois Department of Financial & Professional Regulation # MB.6759105 and is a member in good standing with the Illinois Association of Mortgage Professionals www.iamp.biz, the National Assoc. of Mortgage Brokers, and the Illinois Secretary of State. |
12 Ways to Save Money on Homeowners Insurance
Friends, family, the phone book and Internet are some of the sources you can use
to find homeowners insurers. Get a wide range of prices from several companies.
But don't consider price alone.
Private Mortgage Insurance - PMI
Private mortgage insurance is a type of insurance that helps protect the
mortgage company against losses due to foreclosure. This protection is provided
by private mortgage insurance companies and allows mortgage companies to accept
lower down payments than would normally be allowed.
PMI Cancellation
Mortgage insurance can usually be canceled by the home buyer after he or she has
at least 20 percent equity in the home. Borrowers should contact their servicer
to find out the procedure for canceling mortgage insurance when they think they
have achieved 20 percent equity.
PMI Payment Options
Private mortgage insurance can be paid on either an annual, monthly or single
premium plan. Premiums are based on the amount and terms of the mortgage and
will vary according to loan-to-value ratio...
PMI vs FHA MIP
Although the insurance protection concept is similar, there are differences
between private mortgage insurance and FHA mortgage insurance. FHA insurance is
a government-administered mortgage insurance program that does have certain
restrictions.
Title Insurance
A policy of title insurance is a contract of indemnity between the insured and
the insuring company relating to the title to the land described in the policy,
protecting the insured against loss of damage by reason of defects...
Title Insurance Protection
Title Insurance insures that the "record" title is good subject only to the
exceptions expressly set out in the policy. lt also insures against certain
matters which do not appear of record, such as forgery, identity of parties...
Title Insurance Policy
An owner's policy protects only the owner while a mortgage policy protects only
the holder of the mortgage on the property. Separate policies are required to
protect both interests.
Flood Insurance
Flooding is not covered by a standard homeowners insurance policy.
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