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Updated about 7 years ago on . Most recent reply
Insurance policy on loan?
Ok I have a private lender willing to fund me/ offer a line of credit but I have a question because I’ve never ran into them asking for their loan to be insured. So they had me fill out an application on a website for their loan to be insured and the insurance company asked for a 2k fee. Is this standard practice or am I just being paranoid? I don’t want to give someone my money and lose out on a deal! Any advise would be appreciated thanks.
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
PMI for a private is very rare, I’d be leery.