Archive for December, 2008
Old home, Why do i need insurance included with mortgage?
Chris H asked:
I have a 30 year mortgage with Washington Mutual and currently have home insurance and soon required to have flood insurance. This is a 50k load on a 90year old home purchased from family. The property is the most value and the home is not. The insurance payments and interest are to much to afford. Is there any way to refinance or get a loan just on the property and not include any kind or insurance? any ideas to lower the payments? i don’t think their is PMI still.
Ambrose Bagnall
I have a 30 year mortgage with Washington Mutual and currently have home insurance and soon required to have flood insurance. This is a 50k load on a 90year old home purchased from family. The property is the most value and the home is not. The insurance payments and interest are to much to afford. Is there any way to refinance or get a loan just on the property and not include any kind or insurance? any ideas to lower the payments? i don’t think their is PMI still.
Ambrose Bagnall
