Homeowners & Mortgage Insurance
If McCue Mortgage is required to maintain an escrow account for your homeowners and mortgage insurance, we are responsible for payment of annual premiums. In order to schedule payments in a timely manner, we must have renewal information in our office 30 days prior to the expiration date of the existing policy.
If you choose to replace your existing policy, please notify us 30 days prior to the current policy expiration date.
Insurance claim checks require special attention. Please contact our office for procedures if you have a claim.
Mortgage Insurance Basics
Here’s some basic information to know before you contact us for all loans with mortgage insurance:
- You must be current and on-time with your mortgage payment
- If you have a 1-4 family house and private mortgage insurance (i.e. non-FHA loan):
- You could not have been 30 days late on your mortgage more than 1 time in the last 12 months AND
- You could not have been 60 days late on your mortgage more than 1 time in the last 24 months.
Your mortgage LTV must be 78% or below without a new appraisal or 80% with a new appraisal. If you are interested in having an appraisal done to drop your mortgage insurance, McCue Mortgage must order the appraisal. Contact us for more information.
If you have a 1-4 family house, FHA mortgage insurance and your loan was closed on or after January 1, 2001:
- You must have paid the monthly mortgage premium for at least 5 years
- The loan LTV must be 78% or below based on your original mortgage amount. Mortgage insurance cannot be canceled based on a new appraisal.
- You can pay the outstanding balance on your mortgage down to 78% and drop your monthly payment as long as you have paid the monthly mortgage premium at least 5 years.
If you have a condominium and FHA mortgage insurance and your loan was closed on or after January 1, 2006:
- You must have paid the monthly mortgage premium for at least 5 years AND
- The loan LTV must be 78% or below based on your original mortgage amount. Mortgage insurance cannot be canceled based on a new appraisal.
- You can pay the outstanding balance on your mortgage down to 78% and drop your monthly payment as long as you have paid the monthly mortgage premium at least 5 years.
Dropping Your Mortgage Insurance
Please contact us(link) if you are interested in dropping your mortgage insurance. The criteria to drop mortgage insurance are strict and assistance from our loan servicing experts is advised.
Optional Mortgage Insurance – Life & Disability
If you are not presently covered by Mortgage Life or Disability Insurance, but are interested in this coverage, please contact our Servicing Department.
Homeowners Insurance Bills
Please forward the following information to contact us should you receive it:
- Homeowners insurance bill
- Updated declaration page/policy page
- After the 1st year of making mortgage payments, you may receive a homeowner’s insurance bill. If you receive homeowners insurance bill and wonder if you should pay it or not, please contact servicing.
Changing Your Homeowners Insurance Company
Please contact us of any changes in your homeowner’s insurance company immediately.
Property and Flood Insurance
We recommend you review your present coverage with your insurance agent to ensure that you are adequately protected in the event of damage to your property. If you choose to replace your policy, please notify us 30 days prior to the expiration date of your existing policy.
If the McCue Mortgage Company is required to maintain an escrow account for your insurance, we are responsible for payment of annual premiums. In order to ensure timely payment of the insurance premium, we must have renewal information in our office 30 days prior to the expiration date of the existing policy.
Insurance claim checks require special attention. Please contact our office for further information at 1-800-382-0017.
