Category: mortgage

If you are looking into getting a loan and have very low or no credit no doubt you have talked about getting mortgage insurance. There is an option called lender paid mortgage insurance that some banks and other institutions will offer to help people with low credit get a loan. Lender paid mortgage insurance will offer many benefits over the regular type of mortgage insurance. The question remains though, what exactly is lender paid mortgage insurance?

Defining Lender Paid Mortgage Insurance

Lender paid mortgage insurance is actually relatively simples the lender pays the premium on your insurance and charges you a higher interest rate. There are many advantages to doing it this way. The first is that there is no direct monthly MI premium, and on MI cost on your closing. By taking the payments and spreading them over the lifetime of the mortgage there is less of a big hit up front. While your payments monthly may be up slightly, overall these payments should be down for you if you were to compare it to your mortgage payment plus the premium for the mortgage insurance.

By getting lender paid mortgage insurance people without PMI can qualify for a much higher loan. This means that the dream house you always wanted can now be yours when before it seem completely out of reach. In addition after paying for a couple years you can refinance and get into a fixed term loan with no PMI once your credit rating has improved. By getting into a larger loan up front you can begin paying down on dream house today as opposed to tomorrow. Also, you can take advantage of lower home prices now and get locked in today. The real estate market is bound to jump back, and if you can use lender paid mortgage insurance to get in today you will have a much nicer house for years to come.

You also can get increased tax breaks with lender paid mortgage insurance at the end of the year. The interest you pay on your mortgage is completely tax deductable and by paying a higher rate you have more that you can deduct off of your taxes.

Lenders also like lender paid mortgage insurance because they offer many flexible packages that the lenders can opt into. If you have to get mortgage insurance, look at lender paid mortgage insurance as a very viable option for you new home today.

Republic Mortgage Insurance Company A Name You Can Trust

The Republic Mortgage Insurance Company helps lenders by making sure they get reimbursed if a person ends up having to go into foreclosure. These losses can cost banks millions and without quality companies like the Republic Mortgage Insurance Company to stand behind the loans banks would quickly run into more serious problems and possibly even have to close their doors.

History Of Republic Mortgage Insurance Company

Beginning in 1972 Republic Mortgage Insurance Company has always prided themselves on their customer service. The currently have more then 2000 active customers they have a strong enough base to support the company without losing that personal touch. Currently the company is managed by Chris Nard, the acting OCEO. Together with other members of the senior executive team, Chris continues to lead the Republic Mortgage Insurance Company in a profitable direction.

The Mortgage Insurance Company is a subsidiary of Old Republic International Corporation. This company was founded in 1923, although some of their subsidiaries have histories extended farther back. This company is one of the top 50 largest shareholder owned insurance business in the United States. They provide a wide variety of risk management services to customers around the world. The primary focus is in the mortgage and personal property fields. They have served many of the United States leading industrial, commercial, and residential lenders for over seventy five years.

The Republic Mortgage Insurance Company offers a wide variety of services including lender paid mortgage insurance. Their operating philosophy is very similar to the conservative outlook of the parent company. The core values concentrate on core competencies dedicated towards strong capitalization with a willingness to forego volume in poor market situations. This long term view means that the lenders and their customers will be safe from fluctuations and down turns. They believe in long term relationships and offer knowledgeable and professional service.

One can trust Republic Mortgage Insurance Company to come through on their commitments and honor all true claims as quickly as possible. Not only will they get the lenders the money they need quickly but courteously as well. This company lives by its word and has been true to it since it was founded.

As you can see the Republic Mortgage Insurance Company has a long standing tradition of customer service and protection for its clients. If your bank is requesting that you get mortgage insurance, you are going to want to see the services that they have to offer.