Can I ask my lender to pay mortgage insurance in advance instead of in my monthly payment?Can I pay in advance for mortgage insurance?
Of course. Everyone always smiles, and accepts it when you offer them money!Can I pay in advance for mortgage insurance?
If you have extra money, why not put it on the principal instead? It will reduce your mortgage insurance a great deal. I know what you're thinking....but when your mortgage reaches 80% of the appraised value, your mortgage insurance is gone. (You have to request it, though, they will continue to collect it if you don't....)
You could reach 80% in no time with increased property values....
Think about it, I don't think it's a wise decision...
You could but I can't understand why you would want to do so. It's bad enough that you have to give them an interest-free loan for the impounds and I can't imagine anyone wanting to give them even MORE free money. But it's your money so knock yourself out if that's what you want to do.
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