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Wells Fargo Mortgage Insurance

Wells Fargo Mortgage Insurance, which is a reference to the Private Mortgage Insurance (PMI) usually offered by a private company, aims at protecting lenders from losses if the borrowers default on their mortgages. Lenders usually insist on a PMI if your down payment is less than 20 percent, no matter how good your credit profile is, just to limit their chances of facing a financial loss because of loan default. You certainly do not require a mortgage insurance if you are putting down more than this percentage. Even if your down payment is below this percentage and you still want to avoid the necessity of having a PMI altogether, you can ask the lender who might suggest you some alternative products and pricing options.

Wells Fargo Mortgage Insurance is paid in two parts, first at the time of closing and the second part is distributed over a period of time and is collected along with your monthly principal and interest payments. Your lender will tell how much you are required to pay at the time of closing and what percentage of the remaining balance is to be paid each month till the termination of PMI, which usually occurs halfway the loan term. It is possible to request termination of mortgage insurance prior to this point in time if you maintain a good payment history and achieve 80% loan to value (LTV) (or 78%, if the loan is current) based on the amortization schedule.

Wells Fargo Home Mortgage Insurance Department

Wells Fargo Mortgage Insurance Department offers two alternatives, either of which can be chosen to suit your requirements and convenience. These are Lender Paid Mortgage Insurance (LPMI) and Borrower Paid Mortgage Insurance (BPMI). If your loan term is less than 10 years or you are putting down less than 15 percent at the time of closing then you can consider LPMI. On the other hand, if your loan term is more than 10 years or the down payment is over 15 percent then BPMI is more suitable.

Moreover, LPMI can lower your monthly mortgage payments substantially whereas with BPMI, you have greater flexibility in canceling your mortgage insurance before termination. Furthermore, you can avail a potentially larger tax deduction with LPMI than with BPMI. For more information, you can contact a Wells Fargo home mortgage consultant at 1-866-234-8271.

Wells Fargo Mortgage Life Insurance

The home mortgage insurance department also offers Wells Fargo Mortgage Life Insurance in the form of a term life insurance plan, which can help you pay a mortgage bill and also a number of other expenses in case of death. Under this policy plan, the borrower can choose either a Simplified Term Life Insurance or a Term Life Insurance plan. The former has a term length of 10-20 years covering any amount between $25,000 and $150,000 whereas the latter is for a period of 10-30 years with a coverage amount ranging $100,000-5,000,000. Also, medical exam is not required with the Simplified Term Life Insurance while it is required with the Term Life Insurance.

Wells Fargo Mortgage Insurance Service Center

For information regarding how insurance claims can be made and how long it usually takes to get a claim check issued from the department, you can contact the Wells Fargo Mortgage Insurance Service Center located near you. Visit the home mortgage website of the bank to get details regarding insurance claims and check, and also to locate the service center. We are providing here with some information regarding Wells Fargo Mortgage Insurance Department and Phone Number.

Wells Fargo Mortgage Insurance Dept.
4680 Hallmark Oarkway
San Bernardino, CA 92407

Phone Number: 1-866-234-8271
Website: https://www.wellsfargo.com/insurance/


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