Mortgage Insurance and Hot Ladies Part 1

Observation of the week:  When a friend gets married on Facebook or posts a Facebook wedding album, someone with minimal social skills inevitably comments: “Congrats! I thought I’d be invited??? :(”

Here nor there! Just some friendly observations from your local Just the Assistant!

Speaking of getting married, the lovely Hayley is busy planning her own wedding coming up later this year. I almost hope I’m not invited so I can be the one to write the tacky comments on Facebook.

Speaking of Hayley, she reminded me today of a great topic to discuss here. It concerns mortgage insurance, also known as MI. First, I’d like to include a picture of Hayley because, frankly, she is much hotter than the ole Bosses and will increase my readership: (and I got permission to call her hot, so don’t even think about suing me):

Okay, mortgage insurance is different from homeowners insurance. Homeowners insurance insures your actual home. Like, if a hurricane decides to borrow your roof for a while and go out two-stepping. That’s when your homeowners insurance comes in quite handy.

Mortgage insurance is something banks require you to obtain if you put down less than a 20% on the purchase of your home. James and Chad did not make that rule. We don’t know who made the rule. James and Chad just have to follow it. If not, they go straight to jail. I had MI on my first home loan because my down payment was less than 20% (actually my down payment was 0%, but that was back in the glory days of banks handing out loans willy nilly to anybody, even thieves and liars).

Lesson 1 this week involves how you actually pay for mortgage insurance. There are three ways.

  1. Pay your mortgage insurance monthly
  2. Pay your mortgage insurance all at once at closing
  3. Have your lender (the ole Bosses, James Beaver and Chad Helmcamp) pay your  mortgage insurance for you in exchange for a slightly higher interest rate on your home loan

Or, you can also combine these options. I’m telling you, you’ve got so many choices when it comes to your mortgage it’s ridiculous. That’s where James and Chad come in so handy. They know all the choices and can help you choose the best one.

O’right. One of my friends just eloped and put her album on Facebook, so I’m off to slander her with frowny emoticons and instant messages filled with multiple question  marks.

(Subscribe on the right to make sure you don’t miss Mortgage Insurance and Hot Ladies Part II – How to get rid of the ole mortgage insurance. Fascinating, I know.)