What is the hazard insurance in your mortgage payment?

Answer Hazard insurance is a policy placed on your home to protect the homeowner in the event of a catastrophic event, such as a fire or a storm.SignificanceHazard insurance pays for major expenses when a... Read More »

Top Q&A For: What is the hazard insurance in your mortgage p...

Do I have to inform my hazard insurance carrier if my mortgage is transferred to another lender?

It is the responsibility of the old mortgage company to inform the insurance company holding your hazard insurance policy that the loan has been transferred and have the insurance policy reflect th... Read More »

Is homeowners insurance part of the mortgage monthly payment?

Yes, the prorated homeowners insurance premium is usually escrowed as part of your monthly mortgage payment. Also included in the payment are the principal payment for the loan, a portion of the ac... Read More »

What should your mortgage payment be?

On One Hand: 25 Percent of Your Budget.Many mortgage loan officers and lenders suggest that borrowers never borrow more than 25 percent of their monthly pre-tax income to purchase a residence. Havi... Read More »

If your vehicle get stolen and the auto insurance pays the blue book value would the gap insurance cover the rest of the payment on your car loan and what is the limit?

Answer When a car is under lien and stolen/wrecked, the first payee is ALWAYS the lienholder. You will receive nothing, and the lienholder gets reimbursed for the value of the car. Any outstandin... Read More »