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Mortgage Protection Insurance Information
Mortgage Insurance: Protecting Your Lender’s Investment in Your Home
Most home buyers take out a mortgage loan to pay for their homes. However, this means repaying that money to the lending institution over time. If you fall behind, you stand to harm more than just yourself. That’s why many lenders require buyers to carry mortgage insurance. It protects their investment in you as a client.
Morgan Financial Service is trusted to help all of our clients get the mortgage insurance they deserve. You can trust us to help you get the perfect benefits
package for your everyday needs. Call us at 908-910-8044 to learn more today!
What does mortgage insurance cover?
When you take out a mortgage, you have to repay it. However, countless Americans default or fall behind on this payment every year. Following significant delays, you begin to put not only yourself, but also your lender, in a bind. If you carry this coverage, it will help your lender recover lost costs in case you can’t repay them.
Mortgage insurance doesn’t pay you. Instead, it protects the banking institution that gave you the money for the mortgage. Therefore, it functions like a liability insurance policy.
Why You Need Protection
You might wonder why you have to get this coverage if it won’t pay you directly.
Regardless, mortgage insurance is still critical for many who want home loans. Indeed, getting coverage might help you qualify for one in the first place. The policy will give your lender a better guarantee that they can trust you to repay them. Therefore, you’ll have a higher likelihood of actually being able to buy your dream home.
How does coverage vary?
Several types of coverage fall under the mortgage insurance umbrella. These include:
- Private Mortgage Insurance (PMI): Insures those with conventional home loans. Usually, you must get a policy if you make less than a 20 percent down payment on the home.
- Qualified Mortgage Insurance Premium: If you take out a Federal Housing Administration (FHA) loan, you’ll likely get this coverage. It will function like a PMI policy, with a few different rules.
- Mortgage Title Insurance: If a title falls through, this coverage protects the beneficiary.
- Mortgage Life Insurance Protection: Covers the cost of the mortgage in case of your death. It can protect the lender from losses. However, it can also protect your family from having to pay off the costs of the loan.
Talk to your lender about your loan qualifications to determine coverage requirements. Often, your lender will arrange the terms of the policy.
Remember, you will have to pay a premium on this coverage. How much and when you will pay will vary based on your specific risks.
Contact us today
Don’t hesitate to get a quote on a personalized home insurance policy right now! Contact us at 908-910-8044 or request an online quote.