As many experts say, do not be so sure of what you are doing. We can apply the same for finance and business. To do something, you must have a backup plan, just in case something bad happens.
But when talking about finances, you cannot just make an emergency plan when disaster has come. You have to prepare it far in advance. That is the purpose of Chase Mortgage Insurance.
As the name suggests, Chase Mortgage Company helps you maximize your effort in chasing and owning your dream home, while minimizing the obstacles that surrounds it.
On the journey, they have prepared a backup plan when one day you get into difficulties, such as foreclosure or defaults. One such plan is called Chase mortgage insurance.
Get Closer with Chase Mortgage Insurance
Chase mortgage insurance is a series of insurance costs added to your monthly payment that act as an emergency saving when something unexpected happens between borrower and lender. In addition, mortgage insurance also serves to reduce the length of the term’s payment and the amount of down payments to be paid.
The working mechanism of the mortgage insurance is actually pretty simple; Chase will calculate how much total expense you should spend in a year, optimally taken from the annual tax amount and the cost of your home loan.
Then, divide it into 12 months and the result of it would be your monthly insurance that’s included in your monthly payment. When the end of the year comes and your tax is due, your mortgage advisor will help to transfer the insurance savings into your expenses payment.
However, he will also calculate how much insurance you have left after the transfer. If it doesn’t cover your insurance savings for next year, then you are forced to pay the shortfall.
The amount of next year’s insurance savings according to Chase Company is 2 months of monthly insurance payment.
Chase Mortgage insurance covers various types of loans. If you apply insurance for conventional loan, the result will be different with FHA loan or USDA loan. The difference is usually found in the percentage of expenditure that need to be paid monthly, and also the place of payment.
But still, every type of insurance must have its own advantages and disadvantages. Chase has ensured that the advantages and bonuses you get will be far more valuable than the shortcomings.
How to apply for Chase mortgage insurance is actually quite easy, but the company makes it even easier with the presence of mortgage advisor and online application form. As usual, you can also ask your loan advisor to help setting up all the things required to apply for mortgage insurance.
If in the future you want to cancel Chase mortgage insurance, then you need to follow various steps, including a test to know if you are allowed to cancel it or not. After you have done all paperwork and tests, Chase will ask the third party appraiser to assess your home value.
Well, Chase is very concerned about the point where it comes to manage your entire backup and emergency plan just in case you have trouble. If you are interested in applying Chase mortgage insurance, simply notify your mortgage advisor, or go to www.chase.com for any information concerning mortgage loan.