How To Get Rid Of PMI – Private Mortgage Insurance, mortgage insurance companies.#Mortgage #insurance #companies


How to get rid of PMI, or private mortgage insurance

Mortgage insurance companies

Jon Feingersh/Getty Images

If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity.

Private mortgage insurance is expensive, and you can remove it after you have met some conditions.

How to get rid of PMI

To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.

Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan.

Canceling PMI sooner

Here are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position:

  • Refinance: If your home value has increased enough, the new lender won’t require mortgage insurance.
  • Get a new appraisal: Some lenders will consider a new appraisal instead of the original sales price or appraised value when deciding whether you meet the 20 percent equity threshold. An appraisal generally costs $450 to $600. Before spending the money on an appraisal, ask the lender if this tactic will work in the specific case of your loan.
  • Prepay on your loan: Even $50 a month can mean a dramatic drop in your loan balance over time.
  • Remodel: Add a room or a pool to increase your home’s market value. Then ask the lender to recalculate your loan-to-value ratio using the new value figure.

Refinancing to get out of PMI

When mortgage rates are low, as they are now, refinancing can allow you not only to get rid of PMI, but to reduce your monthly interest payments. It’s a double-whammy of savings.

The refinancing tactic works if your home has gained substantial value since the last time you got a mortgage. For example, if you bought your house four years ago with a 10 percent down payment, and the home’s value has gone up 15 percent over that time, you now owe less than 80 percent of what the home is worth. Under these circumstances, you can refinance into a new loan without having to pay for PMI.

Many loans have a “seasoning requirement” that requires you to wait at least two years before you can refinance to get rid of PMI. So if your loan is less than 2 years old, you can ask for a PMI-canceling refi, but you’re not guaranteed to get approval.

What mortgage insurance is for

Mortgage insurance reimburses the lender if you default on your home loan. You, the borrower, pay the premiums. When sold by a company, it’s known as private mortgage insurance, or PMI. The Federal Housing Administration, a government agency, sells mortgage insurance, too.

Know your rights

By law, your lender must tell you at closing how many years and months it will take you to pay down your loan sufficiently to cancel mortgage insurance.

Mortgage servicers must give borrowers an annual statement that shows whom to call for information about canceling mortgage insurance.

Getting down to 80% or 78%

To calculate whether your loan balance has fallen to 80 percent or 78 percent of original value, divide the current loan balance (the amount you still owe) by the original appraised value (most likely, that’s the same as the purchase price).

Formula: Current loan balance / Original appraised value

Example: Dale owes $171,600 on a house that cost $220,000 several years ago.

$171,600 / $220,000 = 0.78.

That equals 78 percent, so it’s time for Dale’s mortgage insurance to be canceled.

For a fuller explanation of the above formula, read this article about figuring the loan-to-value ratio to remove PMI.

Other requirements to cancel PMI

According to the Consumer Financial Protection Bureau, you have to meet certain requirements to remove PMI:

  • You must request PMI cancellation in writing.
  • You have to be current on your payments and have a good payment history.
  • You might have to prove that you don’t have any other liens on the home (for example, a home equity loan or home equity line of credit).
  • You might have to get an appraisal to demonstrate that your loan balance isn’t more than 80 percent of the home’s current value.

Higher-risk properties

Lenders can impose stricter rules for high-risk borrowers. You may fall into this high-risk category if you have missed mortgage payments, so make sure your payments are up to date before asking your lender to drop mortgage insurance. Lenders may require a higher equity percentage if the property has been converted to rental use.


FHA Mortgage Insurance Calculator, mortgage insurance companies.#Mortgage #insurance #companies


FHA Mortgage Insurance

FHA mortgage insurance lowered by .5% a year, starting Jan. 26th, 2015.

Calculate your new lower FHA mortgage insurance payment with updated FHA mortgage insurance calculator. Learn more about mortgage insurance reduction below.

FHA Mortgage Insurance Calculator – Calculate the up-front FHA mortgage insurance premium (FHA MIP or UFMIP) and the monthly FHA mortgage insurance (FHA MMI). View current FHA loan requirements based on loan amount, loan to value and mortgage amortization terms with this FHA mortgage insurance calculator based on must recent HUD mortgagee letter 2013-04 which updated FHA mortgage insurance on April 1, 2013. Updated HUD mortgagee letter 2015-1 – “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates”

Mortgage insurance companies Mortgage Insurance Calculator Instructions

Step 1: Select Loan Purpose

Step 2: Enter Sales Price and FHA Mortgage Amount

Step 3: Click “Calculate FHA Mortgage Insurance”

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What is FHA Mortgage Insurance?

The Federal Housing Administration (FHA) was created to help increase homeownership in America by allowing homebuyers to purchase a home with a low FHA downpayment of 3.5% vs. traditional 20% downpayment.

In order to encourage banks and mortgage lenders to provide financing these low downpayment mortgages, FHA provides mortgage insurance to help protect the lenders from the average 3-9% of borrowers who default on mortgages where lenders are forced to foreclose.

FHA mortgage insurance are fee’s collected upfront and/or monthly from borrowers which are used to help protect mortgage lenders (and bank depositors money) from serious financial losses due to defaults on these higher risk mortgages with down payments of less than 20%.

If there was no FHA mortgage insurance it is very likely that most home buyers would be required to put a downpayment of 20% or more when buying a home and this would lower homeownership in America and lower home prices.

Upfront FHA Mortgage Insurance Premium (FHA MIP)

The Federal Housing Administration charges borrowers an upfront mortgage insurance premium (FHA MIP) on FHA mortgages. This upfront mortgage insurance premium is based on a percentage of the FHA loan amount and is dependant on the type of mortgage.

  • Purchase FHA loans and FHA refinance mortgages – the current FHA mortgage insurance premium requirement is 1.75% of the mortgage amount

Calculate your upfront FHA mortgage insurance premium / FHA MIP using the above FHA MIP calculator or use our FHA mortgage payment calculator to calculate your full FHA monthly mortgage payment with principal, interest, taxes and insurance.

FHA Monthly Mortgage Insurance (FHA MMI)

Monthly mortgage insurance or MMI is a monthly prorated mortgage insurance which is included in FHA mortgage payments. The mortgage insurance is part of the PITI mortgage payment calculation for FHA loans.

Below are some details of current monthly FHA mortgage insurance.

  • All FHA 30 year mortgages and FHA 15 year mortgage regardless of loan to value require FHA monthly mortgage insurance.

Use our FHA mortgage calculator with taxes and insurance to calculate your exact monthly mortgage insurance premium and piti mortgage payment for either FHA 30 year mortgages or FHA 15 year mortgages.

2015 FHA Mortgage Insurance Premium Chart

Chart of current mortgage insurance rates for FHA loans updated on Jan 8th for all loans after Jan 29, 2015.


How To Get Rid Of PMI – Private Mortgage Insurance, home mortgage insurance.#Home #mortgage #insurance


How to get rid of PMI, or private mortgage insurance

Home mortgage insurance

Jon Feingersh/Getty Images

If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity.

Private mortgage insurance is expensive, and you can remove it after you have met some conditions.

How to get rid of PMI

To remove PMI, or private mortgage insurance, you must have at least 20 percent equity in the home. You may ask the lender to cancel PMI when you have paid down the mortgage balance to 80 percent of the home’s original appraised value. When the balance drops to 78 percent, the mortgage servicer is required to eliminate PMI.

Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan.

Canceling PMI sooner

Here are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position:

  • Refinance: If your home value has increased enough, the new lender won’t require mortgage insurance.
  • Get a new appraisal: Some lenders will consider a new appraisal instead of the original sales price or appraised value when deciding whether you meet the 20 percent equity threshold. An appraisal generally costs $450 to $600. Before spending the money on an appraisal, ask the lender if this tactic will work in the specific case of your loan.
  • Prepay on your loan: Even $50 a month can mean a dramatic drop in your loan balance over time.
  • Remodel: Add a room or a pool to increase your home’s market value. Then ask the lender to recalculate your loan-to-value ratio using the new value figure.

Refinancing to get out of PMI

When mortgage rates are low, as they are now, refinancing can allow you not only to get rid of PMI, but to reduce your monthly interest payments. It’s a double-whammy of savings.

The refinancing tactic works if your home has gained substantial value since the last time you got a mortgage. For example, if you bought your house four years ago with a 10 percent down payment, and the home’s value has gone up 15 percent over that time, you now owe less than 80 percent of what the home is worth. Under these circumstances, you can refinance into a new loan without having to pay for PMI.

Many loans have a “seasoning requirement” that requires you to wait at least two years before you can refinance to get rid of PMI. So if your loan is less than 2 years old, you can ask for a PMI-canceling refi, but you’re not guaranteed to get approval.

What mortgage insurance is for

Mortgage insurance reimburses the lender if you default on your home loan. You, the borrower, pay the premiums. When sold by a company, it’s known as private mortgage insurance, or PMI. The Federal Housing Administration, a government agency, sells mortgage insurance, too.

Know your rights

By law, your lender must tell you at closing how many years and months it will take you to pay down your loan sufficiently to cancel mortgage insurance.

Mortgage servicers must give borrowers an annual statement that shows whom to call for information about canceling mortgage insurance.

Getting down to 80% or 78%

To calculate whether your loan balance has fallen to 80 percent or 78 percent of original value, divide the current loan balance (the amount you still owe) by the original appraised value (most likely, that’s the same as the purchase price).

Formula: Current loan balance / Original appraised value

Example: Dale owes $171,600 on a house that cost $220,000 several years ago.

$171,600 / $220,000 = 0.78.

That equals 78 percent, so it’s time for Dale’s mortgage insurance to be canceled.

For a fuller explanation of the above formula, read this article about figuring the loan-to-value ratio to remove PMI.

Other requirements to cancel PMI

According to the Consumer Financial Protection Bureau, you have to meet certain requirements to remove PMI:

  • You must request PMI cancellation in writing.
  • You have to be current on your payments and have a good payment history.
  • You might have to prove that you don’t have any other liens on the home (for example, a home equity loan or home equity line of credit).
  • You might have to get an appraisal to demonstrate that your loan balance isn’t more than 80 percent of the home’s current value.

Higher-risk properties

Lenders can impose stricter rules for high-risk borrowers. You may fall into this high-risk category if you have missed mortgage payments, so make sure your payments are up to date before asking your lender to drop mortgage insurance. Lenders may require a higher equity percentage if the property has been converted to rental use.


Home Financing Calculators and Tools, home mortgage calculator with taxes and insurance.#Home #mortgage #calculator #with


Home Financing Calculators and Tools

HSH.com s free mortgage calculators can answer even complex financial questions in just a few minutes. We’ll help you find answers to common items, such as “Can I qualify for a mortgage?” What s my monthly payment?” or “Will prepaying my mortgage help me save money?” all the way up to more difficult ones, such as “How large of a down payment do I really need?”, “What s the best way to pay for my refinance?” or even “When will my home no longer be underwater?”

Whether you re looking to learn more about your purchase, refinance or you simply need a few tools to better help you manage your mortgage, HSH.com has all the bases covered. Scroll down to browse our calculator list or use the navigational elements below to find the calculator you are looking for.

Most Popular Calculators

Mortgage Calculator with Amortization Schedule

The classic: Full payment-by-payment amortization of your loan and a print-and-take-away schedule. Biweekly schedules, too!

PMI Cost Calculator

What will mortgage insurance cost with less than a 20-percent down payment?

PMI Calculator

A more complete review of your loan’s costs, including your mortgage insurance premium — and when it will disappear.

Refinance Calculator

Plug in your numbers and find out the best way to pay for your refinance — find out how to save the most money.

Refinance Calculators

Refinance Calculator – HSH.com’s TriRefi℠ Calculator

Plug in your numbers and find out the best way to pay for your refinance — find out how to save the most money.

PreFi℠ Prepayment Refinance Calculator

Prepaying your mortgage can save you as much interest as refinancing — without the cost or hassle!

LowerRate℠ Mortgage Prepayment Calculator

Wish you refinanced at the very bottom for mortgage rates? Pick the rate you want and prepay your mortgage to the same savings!

Refinance Calculator- Should I Refinance My Mortgage?

The age-old question — answered in this classic “break-even” calculation.

Home Mortgage Calculators

Rent vs. Buy Calculator

Take the plunge into homeownership or not? See all the financial angles to see if buying a home will benefit you (requires Java).

Down payment Decisioner℠ Down Payment Calculator

More down payment or less? Learn the cost break points for mortgage insurance and how to keep or save the most money when buying a home.

FeePay BestWay℠ Closing Cost Calculator

Find out the best way to pay your home loan’s closing costs — out of pocket, in the loan balance or incorporated into the rate.

How Much House Can I Afford?

Qualify yourself for a mortgage amount and maximum home price just like the professionals do.

Income Qualification Calculator

See what kind of income you’ll need to cover your mortgage payment, property taxes, insurance, maintenance costs and more.

It’s My Term Prepayment Calculator

You choose when you want your mortgage to end — we’ll tell you what you need to spend to make it happen.

RoundUp℠ Prepayment Calculator

Painlessly putting even a few extra dollars per month toward your mortgage can save you a bunch of money over time.

Underwater Mortgage Calculator – KnowEquity When℠

Downturn left you underwater? Find out when you won’t be through the process of amortization and appreciation.

Underwater Mortgage Calculator – KnowEquity How℠

Need your mortgage to be above water by a certain date? Learn the exact combination of prepayment and appreciation you’ll need to get there.

Mortgage Prepayment Calculator

Learn how much you can save if you prepay your mortgage — and how soon your loan will end.

Mortgage Calculator: Mortgage Amortization Calculator and Schedule

The classic: Full payment-by-payment amortization of your loan and a print-and-take-away schedule. Biweekly schedules, too!

Private Mortgage Insurance Calculator

What will mortgage insurance cost with less than a 20-percent down payment?

PMI and Loan Amortization Schedule

A more complete review of your loan’s costs, including your mortgage insurance premium — and when it will disappear?

Fast Amortization Calculator

Three inputs and you can see a full breakout of your home loan’s principal and interest payments.

Mortgage Widgets and Tools

Home value estimator: MyHPI.

MyHPI, a home value estimate tool, will tell you how much the value of your home has changed since you owned it, based on how your overall market has performed.

Free Mortgage Widgets.

Looking for free and informative tools for your website? HSH.com’s free widgets provide fresh content that can improve any website.

Are You a Normal Neighbor?

Tell us a little bit about your family and your home, and we’ll show you how you compare to the averages in your area.

The Mortgage Next Door

See the average home loan in your neighborhood and how it compares to yours.

Other Home Loan Calculators

Basic Loan Payment Calculator

Fast and simple — and perfect for auto and personal loans, too.

Monthly Payments Per $1000 and Total Cost (principal and interest combined)

A print-and-take-away handy reference table for calculating monthly mortgage payment and total interest cost.

Credit Grade Calculator

Not sure where you stand? This simple calculator will give you a “ballpark estimate” of how good or bad your credit is.

APR Calculator

Calculate the effect of fees and points to see your mortgage’s true cost.

Loan Comparison Calculator

A quick side-by-side way to compare costs of two different mortgages.


Mortgage Calculator, home mortgage calculator with taxes and insurance.#Home #mortgage #calculator #with #taxes #and #insurance


Mortgage Calculator

Home mortgage calculator with taxes and insurance

$1,115.57 / Month

Mortgages

A mortgage is a loan secured by a property usually a real estate property. A real estate mortgage usually includes the following key components:

  • Loan Amount the amount borrowed from a lender or bank. The maximum loan amount one can borrow normally correlates with household income or affordability. To estimate an affordable amount, please use our House Affordability Calculator.
  • Down Payment the upfront payment of the purchase, usually in a percentage of the total price. In the US, if the down payment is less than 20% of the total property price, typically, private mortgage insurance (PMI) is required to be purchased until the principal arrives at less than 80% or 78% of the total property price. The PMI rate normally ranges from 0.3%-1.5% (generally around 1%) of the total loan amount, depending on various factors. A general rule-of-thumb is that the higher the down payment, the more favorable the interest rate.
  • Loan Term the agreed upon length of time the loan shall be repaid in full. The most popular lengths are 30 years and 15 years. Normally, the shorter the loan term, the lower the interest rate.
  • Interest Rate the rate of interest charged by a mortgage lender. It can be “fixed” (otherwise known as a fixed-rate mortgage, or FRM), or “adjustable” (otherwise known as an adjustable rate mortgage, or ARM). The calculator above is only usable for fixed rates. For ARMs, interest rates are generally fixed for a period of time, after which they will be periodically “adjusted” based on market indices. ARMs transfer part of the risk to borrowers. Therefore, the initial interest rates are normally 0.5% to 2% lower than FRM with the same loan term. Mortgage interest rates are normally expressed in Annual Percentage Rate (APR), which is sometimes called nominal APR or effective APR. It is the interest rate expressed as a periodic rate multiplied by the number of compounding periods in a year. For example, if a mortgage rate is 6% APR, it means the borrower will have to pay 6% divided by twelve, which comes out to 0.5% in interest every month.

The most common way to repay a mortgage loan is to make monthly, fixed payments to the lender. The payment contains both the principal and the interest. For a typical 30-year loan, the majority of the payments in the first few years cover the interest.

Costs Associated with Mortgages and Home Ownership

Commonly, monthly mortgage payments will consist of the bulk of the financial costs associated with owning a house, but there are other important costs to keep in mind. In some cases, these costs combined can be more than the mortgage payments. Be sure to keep these costs in mind when planning to purchase a home.

Because the recurring costs perpetuate throughout the lives of mortgages (exception being PMI), they are a significant financial factor. Property Taxes, Home Insurance, HOA Fee, and Other Costs increase with time as a byproduct of moderate inflation. There are optional inputs within the calculator for annual percentage increases. Using these wisely can result in more accurate calculations.

  • Property Taxes a tax that property owners pay to governing authorities. In the U.S., property tax is usually managed by municipal or county government. The annual real estate tax in the U.S. varies by location, normally ranging from 1% to 4% of the property value. In some extreme cases, the tax rate can be 10% or higher.
  • Home Insurance an insurance policy that protects the owner from accidents that may happen to the private residence or other real estate properties. Home insurance can also contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off the property. The cost of home insurance varies according to factors such as location, condition of property, and coverage amount. Typically, the annual cost can range from 0.1% to 5% of the property value.
  • Private Mortgage Insurance (PMI) protects the mortgage lender if the borrower is unable to repay. In the U.S. specifically, if the down payment is less than 20% of the property value, the lender will normally require the borrower to purchase PMI until the loan-to-value ratio (LTV) reaches 80% or 78%. PMI price varies according to factors such as down payment, size of the loan, and credit of the borrower. The annual cost typically ranges from 0.3% to 1.5% of the loan amount.
  • HOA Fee a fee that is imposed on the property owner by an organization that maintains and improves property and environment of the neighborhoods that the specific organization covers. Common real estate that requires HOA fees include condominiums, townhomes, and some single-family communities. Annual HOA fees usually amount to less than one percent of the property value.
  • Other Costs includes utilities, home maintenance costs, and anything pertaining to the general upkeep of the property. Many miscellaneous costs can be deceptively high and it is important to consider them in the big picture. It is common to spend 1% or more of the property value on annual maintenance alone.

While these costs aren’t contained within calculations, they are still important to keep in mind.

  • Closing Costs the fees paid at the closing of a real estate transaction. It is not a recurring fee yet it can be expensive. In the U.S., even though not all are applicable, the closing cost on a mortgage can include attorney fee, title service cost, recording fee, survey fee, property transfer tax, brokerage commission, mortgage application fee, points, appraisal fee, inspection fee, home warranty, pre-paid home insurance, pro-rata property taxes, pro-rata homeowner association dues, pro-rata interest, and more. Sellers will share some of these costs. It is not unusual for a buyer to pay $10,000 in total closing costs on a $300,000 transaction.
  • Initial Renovations Some buyers invest money into renovations, features, or updates before moving in. Examples may be changing the flooring, repainting the walls, or even adding a patio.

Besides these, new furniture, new appliances, and moving costs are also common non-recurring costs of a home purchase.

Early Repayment and Extra Payments

For many situations, mortgage borrowers may want to pay off mortgages earlier rather than later, either in whole or in part, for reasons including but not limited to interest savings, home selling, or refinancing. Most mortgage lenders allow borrowers to pay off up to 20% of the loan balance each year but few may have prepayment penalties for one-time payoffs, mainly to prevent refinancing too soon (which will affect the lender’s profit). One-time payoff due to home selling is normally exempt from a prepayment penalty. The penalty amount typically decreases with time until it phases out within 5 years. Few lenders charge prepayment penalties regardless of home-selling or refinancing, but be sure to review the loan terms carefully anyway just in case.

Some borrowers may want to pay off their mortgage loan earlier to reduce interest. Typically, there are three ways to do so. The methods can be used in combination or individually.

  1. Refinance to a loan with a shorter term Normally, interest rates of shorter term mortgage loans are lower. Therefore, borrowers not only repay their loan balances faster, but receive lower and more favorable interest rates on their mortgages. Keep in mind that this imposes higher financial pressure on the borrower due to higher monthly mortgage payments. Also, there may be fees or penalties involved.
  2. Make extra payments the majority of the earliest mortgage payments will be for interest instead of principal on typical long-term mortgage loan. Any extra payments will decrease loan balances, therefore decreasing interest and pay off earlier in the long run. Some people form the habit of paying extra every month, while others pay extra whenever they can. There are optional inputs to include many extra payments, and it can be helpful to compare the results of supplementing mortgages with extra payments and without.
  3. Make biweekly (once every two weeks) payments of half month’s payment instead Since there are 52 weeks each year, this is the equivalent of making 13 months of mortgage repayments a year instead of 12. Utilizing this method, mortgages can be paid off earlier. Displayed in the calculated results are biweekly payments for comparison purposes.

The Calculator has the tools to help evaluate the options. Please be aware that the rates on mortgages tend to be very low compared with other types of loans. Also, mortgage interest is tax-deductible, and home equity accumulated may be counted against borrowers when applying for need-based college aid. Be sure to consider comprehensively before paying off mortgage loans earlier.


FHA Loan Calculator – FHA Mortgage Calculator with Taxes and Insurance, home mortgage calculator with


FHA Mortgage Calculator

Calculator currently updated with lower FHA Mortgage Insurance Premiums Jan. 26th, 2015*

FHA Loan Calculator – Buying a home using a FHA home mortgage? Calculate the PITI mortgage payment with taxes and insurance for a FHA loan. This FHA mortgage calculator also provides the down payment, monthly FHA mortgage insurance (FHA MIP) and the FHA upfront mortgage insurance premium (UFMIP) of a FHA home loan. Lastly, view the minimum income required to qualify for the home’s sales price and calculated FHA loan amount with this free, simple, FHA loan calculator with taxes and insurance.

Home mortgage calculator with taxes and insuranceMortgage Calculator Instructions

Step 1: Enter Sales Price, Mortgage Rate and Term

Step 2: Select Property type, Taxes and Insurance

Step 3: Click “Calculate FHA Loan”

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* Maximum FHA loan amount used by this FHA mortgage calculator is based on current FHA loan limit ceilings as per current HUD mortgagee letter. Updated: FHA mortgage insurance calculations based on most current HUD FHA guidelines: http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Updated Jan 8th., 2015: http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf

Note: A FHA mortgage calculator with PMI: The equivalent of PMI (Private Mortgage Insurance) for a FHA loan is simply: “mortgage insurance”, since the mortgage insurance of a FHA loan is not funded by a private mortgage insurance company.


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Mortgages

Mortgage comparisons by Lovemoney.com Financial Services Ltd and London Country Mortgages Ltd [1]

  • Call L C on 0800-073-1959 for fee-free award-winning mortgage advice, or request a call back [2]
  • Find fixed and variable-rate mortgage products for residential and buy-to-let properties
  • Compare mortgage rates from multiple lenders across the UK mortgage market

Mortgage insurance rates Mortgage insurance rates

Try our mortgage calculator and compare rates

Our mortgage service can help you compare rates and deals from across the UK market.

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L C can help you compare thousands of mortgage deals, including exclusives you can’t get anywhere else.

That means you can be confident you’ll get the right product, whether you’re a first-time buyer just getting on the property ladder, a homeowner looking to remortgage to a more competitive deal, or a landlord searching for the right buy-to-let mortgage.

Click ‘Get Rates’ above to try our mortgage comparision service – it’ll help you find the best-buy mortgages most relevant to you and tell you what your monthly repayments might be.

Our easy-to-understand comparison table lets you choose to view fixed-rate or variable-rate mortgages, on a repayment or interest-only basis.

You’ll find all the important information clearly laid out, including the mortgage rate, how long any introductory rate lasts, the lender fees and if there are any additional benefits, such as cashback.

If you see a mortgage that interests you, you can click ‘More details’ to check the availability, loan to value, and other relevant information.

If you need more help choosing, you can speak to one of L C’s expert advisers by requesting a call back, or by phoning 0800-073-1959. [2]

Alternatively, if you find a mortgage you like the look of in our comparision table, just click ‘Enquire’ and a simple form will ask for your basic contact information and for you to select a convenient time for L C to call you back.

Did you know.


  • 28% of UK consumers have never switched their mortgage lender
  • Only 8% have switched their mortgage in the last five years [3]

Arranging a loan for a property is a big step, but it needn’t be a step into the unknown with our comprehensive set of mortgage guides and frequently asked questions.

You’ll find dedicated pages on options for first-time buyers, buy-to-let, low-deposit mortgages, remortgages and self-build mortgages.

There’s also a wealth of information on aspects of loans and house buying, such as how much you can borrow, raising a deposit, different types of deal, fees, legal requirements, surveys, gazumping and stamp duty.

Even when you think you’ve found your dream home and decided which mortgage to apply for, there’s still plenty to consider; our guides can tell you more about subjects like negative equity and what to do if you have trouble making repayments.

Learn about buildings insurance, plus other products you may want to think about, such as life insurance, critical illness cover and mortgage protection insurance.

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    THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

    PLEASE NOTE: ALTHOUGH L C IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FCA), THE FCA DOES NOT REGULATE MOST BUY TO LET MORTGAGES

    [1] For information only mortgage comparison Gocompare.com introduces customers to Lovemoney.com Financial Services Limited which is authorised and regulated by the Financial Conduct Authority. Gocompare.com’s relationship with Lovemoney.com Financial Services Limited is limited to that of a business partnership, no common ownership or control rights exists between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites

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    Current Mortgage Rates Today – View The Best Mortgage Rates, mortgage insurance rates.#Mortgage #insurance #rates


    Current Mortgage Rates Today

    Current Mortgage Rates – Mortgage Rates Today

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    Mortgage 101: A Mortgage Resource Guide

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    Mortgage, Income & Loan Payment Protection Insurance Provider: Paymentcare UK, mortgage disability insurance.#Mortgage #disability #insurance


    Homeowners Income Protection Insurance

    What does Homeowners Income Protection Insurance do?

    It can provide you with a proven means to help you keep paying your bills and maintain your lifestyle and any financial commitments by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

    The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

    Homeowners Income Protection is designed to help pay your financial commitments in the event of Accident, Sickness and Involuntary Unemployment.

    Simply choose the type of cover you require:

    ASU – Accident, Sickness Unemployment

    AS – Accident Sickness only

    U Unemployment only

    Mortgage Payment Protection Insurance

    • Your mortgage paid if you can’t work
    • Premiums refunded during claims
    • Unemployment Exclusions waived* when you Switch
    • Great value Customer feedback

    Discover More

    What does Mortgage Payment Protection Insurance do?

    It can provide you with a proven means to help you keep paying your mortgage and other associated household bills on the property that is your main residence by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt should the unthinkable happen to you.

    The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

    Mortgage Payment Protection Insurance (MPPI) is sometimes referred to as (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

    We believe our Mortgage Payment Protection Insurance policy offers UK homeowners complete peace of mind protection at the best possible price.

    Simply choose the type of cover you require:

    ASU – Accident, Sickness (Disability) Unemployment

    AS – Accident Sickness (Disability) only

    U Unemployment only

    Loan Payment Protection Insurance

    • Unemployment Exclusions waived* when you Switch
    • Benefits paid even if you’re being paid Sick Pay/SSP
    • Premiums paid monthly
    • Monthly benefits of up to 1500

    Discover More

    What does Loan Payment Protection Insurance do?

    It can provide you with a proven means to help you keep paying your monthly repayments on any personal loans you have by providing you with a set monthly benefit in the event that you are unable to work due to Accident, Sickness (Disability) or Involuntary Unemployment. This can be a way of helping you avoid getting into debt and falling behind with your monthly repayments should the unthinkable happen to you.

    The monthly benefit payments from the policy are paid directly to you and are capped as a percentage of your salary with an upper limit.

    Loan Payment Protection Insurance is sometimes referred to as (PPI) or (ASU) Accident, Sickness (Disability) and Involuntary Unemployment and is designed to help pay your mortgage in the event of Accident, Sickness (Disability) and Involuntary Unemployment.

    PPI has had a bad press over the past few years because many banks and lenders generally mis-sold what was know a s a single premium policy which had to be paid for up front (often for several years at a time) to people who didn t want the cover or know that they had been charged for it! It really has been a case of the policy being hijacked by these unscrupulous lenders rather than it being a bad type of insurance per se.

    Simply choose the type of cover you require:

    ASU – Accident, Sickness (Disability) Unemployment

    AS – Accident Sickness (Disability) only

    U Unemployment only

    Credit Card Payment Protection Insurance

    • Benefits paid even if you’re being paid Sick Pay/SSP
    • Premiums refunded during claims
    • Easy application process
    • Maximum 5000 coverage

    Discover More

    What does Credit Card Payment Protection Insurance do?

    Credit Card Payment Protection Insurance (CCPPI) is also referred to as Payment Protection Insurance (PPI), and like PPI, it has been in the news headlines over the past few years, as the extortionate premiums charged by some credit card companies and store cards has been exposed as a complete rip off. With the worst offenders only paying 3% of a customer s outstanding balance in the event of having to claim due to Accident, Sickness (Disability) or Involuntary Unemployment.

    Payment Protection Insurance specifically for UK credit cards has always only ever been available from the card providers themselves and that s why Paymentcare s Credit Card Payment Protection policy offers UK card holders a great alternative. Customers simply select an amount between 1000 and 5000 that best reflects the average outstanding balance across their credit card(s), you can cover as many as you like up to the policy limit as long as you do not exceed 50% of your monthly salary.

    So what s Unique about Credit Card Protection?

    UK s lowest cost stand alone credit card cover per 100 of outstanding balance at only 0.55. True protection when you need it most unlike every other credit card payment protection insurance you do not pay for the insurance during a claim period.

    How Does it Work?

    Choose the level of cover that s closest to your average monthly outstanding credit card balance(s) between 1000 and 5000.

    Cover as many of your credit cards as you wish. The minimum cover amount is 1000 and the maximum is 5000 in total.

    e.g. Assuming you have an average monthly outstanding balance of 5000 on your credit card(s) we pay 10% = 500 per month during a claim period, for up to a maximum of 10 months.

    Want to switch your existing Policy to us?

    It’s FREE & EASY to switch an existing policy to Paymentcare with NO PENALTIES.

    Can I transfer cover from another Mortgage (MPPI) / Loan / Homeowners Income Protection Insurance provider?

    Yes it’s easy to transfer cover, provided you are eligible for the policy and can meet a few simple conditions.

    Great news. we also waive the initial exclusion period (this is the period of time where you cannot claim for involuntary unemployment) which applies at the start of a policy, provided that you meet these conditions:

    • There is no break in cover, between your existing policy and your new policy with us.
    • Your existing policy has been in force for at least six months.
    • The benefit of your new policy is the same as on your existing policy. You can increase the amount, but the initial exclusion period will apply to the increased amount you request.
    • The cover is on a like for like basis (the same level of cover).
    • You must be claim free under your existing policy.
    • Any pre-existing medical conditions that are excluded under your existing policy will also be excluded under your new policy.
    • We request that you send a copy of your existing certificate of insurance. THIS WILL BE REQUIRED IN THE EVENT OF ANY FUTURE CLAIM ON YOUR NEW POLICY.

    Do NOT cancel your existing policy until you have received your new policy documents confirming cover with ourselves. Then you should inform your existing insurer.

    Can I transfer cover from another Credit Card Protection Insurance provider?

    We are not aware of any other stand alone credit card protection insurance provider! If you meet the eligibility criteria and you deem that the policy meets your demands and needs and you would like to apply for cover, instead of paying over the odds to your credit card company, then of course you may submit an application.