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

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

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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

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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

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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.

How to Calculate Mortgage Insurance (PMI): 9 Steps (with Pictures), home mortgage insurance.#Home #mortgage #insurance

How to Calculate Mortgage Insurance (PMI)

Private mortgage insurance (PMI) is insurance that protects a lender in the event that a borrower defaults on a conventional home loan. Mortgage insurance is usually required when the down payment on a home is less than 20 percent of the loan amount. Monthly mortgage insurance payments are usually added into the buyer’s monthly payments.

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Deducting (PMI) Private Mortgage Insurance in 2016, 2017, home mortgage insurance.#Home #mortgage #insurance

Deducting (PMI) Private Mortgage Insurance

Homeowners are usually well informed about the home-related tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate. For buyers who can t come up with a 20% down payment on the purchase price, they will have the added cost of private mortgage insurance (PMI).

The PMI is a policy that is taken out by the homebuyer to protect the lender against possible default on the mortgage loan.

Table of Contents

PMI is Now Tax DeductibleHome mortgage insurance

This income tax deduction was developed as an element of the Tax Relief and Health Care Act of 2006 and initially added to private mortgage insurance (PMI) plans issued in 2007.

This tax break was extended by lawmakers because of the slow recovery of the housing market. It has been extended by Congress for premiums paid up to 2016.

The PMI deduction can be taken by policies issued by the Federal Housing Administration , Department of Agriculture s Rural Housing Service, Department of Veterans Affairs and even private insurers.

Counted as Interest

Since some property tax payments and mortgage interest exceed the regular deductions that can be claimed, a number of homeowners have to itemize their deductions.

You can find the PMI deduction in the Schedule A under the section Interest You Paid , which is on line 13.

How much PMI can you claim? The amount is shown in box 4 of Form 1098 what the lender sent in the alternate year-end mortgage details statement.

Time, Occupancy Restrictions

You should make sure you meet the requirements before you claim the PMI deduction.

Take note of when you sent in payment for the mortgage insurance. If you paid a PMI on your mortgage on or after January 1st 2007, the deduction is eligible. Prior to that date PMI deductions are not eligible.

Any new mortgages up to and including 2016 will qualify for the PMI deduction.

You will also qualify to get the PMI deduction if you refinanced your home after January 1st 2007. You should be careful how the refinance is structured though. The deduction applies to refinances up to the initial mortgage loan amount, not to any additional money you might get from the new refinanced mortgage.

Second home loans also qualify for the deduction of PMI payments. Similar to your primary home, the second home mortgage must have been issued after January 1st 2007 for the deductible to qualify.

The second property has to be for personal use, not rented. You will not be able to claim the PMI if the second property is rented. If your second home is rented you might be able to claim tax breaks as a rental property.

Income Phaseouts

To conclude, even though there isn t a statutory restriction on the total amount of PMI payments you are able to deduct, the amount could be lowered depending on your earnings.

The deduction will start being reduced once the homeowner s adjusted gross income (AGI), exceeds $100,000. This earnings restriction is valid if you are single, the household head or married and submitting together. The phaseout will start at $50,000 AGI for married couples filing taxes independently.

The PMI deduction is lowered by 10 % for every $1,000 a filer s earnings are over the AGI restriction. The deduction goes away entirely for the majority of property owners whose AGI is $109,000 or for married couples filing taxes separately $54,500.

The Schedule A directions consist of a work sheet, as does the majority of income tax preparation software programs, that property owners could utilize to figure out their lowered PMI deduction total.

Use TurboTax and Forget the Hassle

When you use TurboTax Online to prepare and file your taxes , you don’t need to know anything about PMI and other homeowner tax deductions. We’ll just ask you simple questions, fill in all the right forms, and do all the calculations for you.

Mortgage Payment Protection Insurance, mortgage insurance.#Mortgage #insurance

i: protect insurance

Mortgage Payment Protection Insurance

Mortgage insurance

Pays your mortgage and other bills for up to a year if you cannot work

Mortgage insurance Mortgage insurance

Mortgage Payment Protection Insurance is designed to cover your monthly mortgage repayments if you are unable to make them because you have an accident, become sick or are made unemployed. We offer separate flexible excess periods for accident and sickness and unemployment which means you can tailor the cover to suit your own individual circumstances. The longer you choose to delay receiving your benefit the less your premium will be.

  • Cover your monthly mortgage repayment up to £1,500 a month or 75% of your gross monthly income if less
  • Top up your benefit amount by up to 25% to cover additional household expenses
  • Choice of cover: Accident Sickness only or Accident, Sickness and Unemployment
  • Can choose separate Excess Periods for Accident Sickness and Unemployment
  • Benefit can be paid for up to 6 or 12 months
  • Carer cover is included as an additional benefit when Unemployment cover selected
  • Benefit paid direct to you in addition to any other benefits (eg Statutory Sick Pay)
  • On-line application only

For more information, select from the menu options on the left hand side of your screen.

There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at

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

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 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, mortgage insurance.#Mortgage #insurance

How to get rid of PMI, or private mortgage insurance

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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.

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

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