What Mortgage Protection Is Not

When obtaining a mortgage, it’s important to understand what mortgage protection is – and what it is not. This is because many people often confuse this type of coverage with another common coverage that is required by mortgage companies if you have less than 20% down on your home. PMI, or private mortgage insurance, is a type of insurance protection that will protect your lender in the case of default by a borrower.

Lenders will require borrowers who have low down payments to purchase PMI in order to protect their financial interests – and it will cost you more each month for the PMI premium. If, however, you have put a down payment of 20% or more on your home, you won’t have to worry about this coverage.

What to Consider Before Purchasing this Type of Policy Insurance Policy

If you have a mortgage on your home and you want to ensure that your loved ones can continue to reside there, then it is essential that you provide them with a way to pay off the mortgage debt. We can help you do that by finding the best mortgage protection insurance for your specific needs.

We work with over 30 different insurance carriers – so we can work with you in finding the policy, the benefits, and the premium that fits with your unique situation, even if you have various pre-existing health issues. So, to take the next step in making sure that your loved ones can remain in the place that they call home now, and in the future.