Mortgage Insurance Policy

A house with a mortgage is more than just a house. It's a home. And with your home comes the responsibility of protecting those who live in it. Although we don't like to think about it, the death of a loved one can lead to bills piling up without any means to pay them. A mortgage insurance policy provides you and your family with the peace of mind that comes with knowing your mortgage will be paid when you pass away. As a new or experienced homeowner, it is difficult to think of what may happen to your family members in the event of your unexpected death. When new homeowners close escrow, they are bombarded with proposals for a mortgage insurance policy, proposals that are often not the right fit. Choosing the best product and receiving the lowest rate available for a mortgage insurance policy is difficult, as you do not want to end up paying more for the exact same product.

There are several different types of decisions regarding a mortgage insurance policy that a person is often faced with. Many homeowners think they are protecting their mortgage by purchasing PMI (Private Mortgage Insurance). PMI, also known as Lender's Mortgage Insurance (LMI), is the product in which the homeowner is required to purchase to protect the lender in the event of them defaulting on their loan. PMI protects your lender, not you! A mortgage insurance policy is a life insurance policy that is used to protect the homeowner's family in the event of their unexpected death. A mortgage insurance policy allows you to decide who the coverage amount (also referred to as a death benefit) goes to and how the money will be disbursed. Your mortgage insurance death benefit is guaranteed to not decrease and your mortgage insurance premium is guaranteed to not increase for the entire length of the mortgage insurance policy holding period.

Upon closing escrow, homeowners are urged to purchase a mortgage insurance policy. Protecting your mortgage is one of the first responsibilities that you must take upon yourself as a homeowner. A mortgage insurance policy is the same idea as a mortgage term life insurance policy. In all reality, mortgage term insurance is the vehicle used for a mortgage insurance policy. A mortgage insurance policy protects your family from being foreclosed on and evicted if they default due to your unexpected death. Just like a term life policy, a mortgage insurance policy is designed specifically with your family in mind. One of the greatest worries for your family is taken care of upon receiving a mortgage insurance policy.

In the past, mortgage insurance rates were determined by the outstanding balance of the mortgage. However, today most quality mortgage insurance policies will pay the original mortgage balance, despite changes in the value of your home throughout the mortgage insurance policy holding period. Your death benefit can be paid out in one lump sum or in installments depending on what mortgage insurance policy you choose. A mortgage insurance policy allows you to choose which expenses are paid, and it is not limited to the mortgage payments. Your death benefit can be used to make payments on a number of things besides paying off your mortgage, including credit card debt, auto loans, tuition, funeral/burial expenses, nursing home costs, home equity lines of credit (HELOC's), and even everyday bills and expenses.

As a new or experienced homeowner, it is difficult to think of what may happen to your family members in the event of your unexpected death. Ensuring that your family stays in the home that they love is one of the first steps, and a mortgage insurance policy is the peace of mind to ensure this happens. TermAdvantage understands that you need to consider many things when shopping for a mortgage insurance policy, and this is why we are committed to providing you with the best-priced and most accurate mortgage insurance quote available from the industry's highest-rated (A or better by AMBest.com) mortgage insurance companies.

When choosing a product to protect your family's financial future, a mortgage insurance policy is the single most important product you can purchase. A mortgage insurance policy allows you the option of decreasing your coverage amount as often as needed as your mortgage decreases. As your coverage amount decreases, your mortgage insurance premium will decrease accordingly. Your monthly premium will decrease at the rate when it was locked in at today, rather than it being five or ten years from now's prices, which will be much, much higher. You have the option of not decreasing your coverage amount at all, and instead, keep your full coverage amount for the entire length of your mortgage insurance policy holding period or until your death (whichever comes first). Your death benefit can be used upon your death for anything your beneficiary(ies) would need.

TermAdvantage is committed to finding you a mortgage insurance policy that fits your and your family's needs and budget. Since mortgage insurance policies can vary in price substantially, TermAdvantage shops over 2,000 mortgage insurance companies to find a mortgage insurance policy that meets your exact specifications. While the decision to purchase a mortgage insurance policy is an important one, TermAdvantage is committed to finding you the best available mortgage insurance policy at the lowest rate from the nation's highest-rated (A or better by AMBest.com) mortgage insurance companies.


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