Mortgage Insurance Protects Your Home

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					Presented by Daniel Toriola
Mortgage is a kind of a pledge or guarantee made by the home purchaser or borrower to repay the loan to the lender. A right home mortgage loan can save thousands of dollars in the long run. Hence, it becomes very important and crucial to the borrower Click here to know more

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Mortgage Insurance Protects Your Home By Simon Burgess

Mortgage insurance can be taken out for a premium each month which you can find cheaply if you look with specialist providers. This is one of the best ways to protect your monthly mortgage repayment each month and so protect the roof over your head against repossession. While the majority of lenders are willing to give you some lee-way with your mortgage repayments, of course this is only for the short term. If you cannot show your lender that you can catch up with missed repayments while also being able to carry on paying your mortgage then repossession could be imminent. If your lender takes you to court to seek repossession then it can be as little as 28 days before you would have to find alternative accommodation and leave your home. You would have to remember that during this time you could be also recovering from illness or an accident or you might be looking for work. Can you imagine the stress that would be added onto this and at a time when you need to be thinking of yourself? As if you hadn’t suffered enough, the stigma of being associated with being repossessed would follow you and affect your credit rating for the future. Now considering paying a small monthly premium suddenly does not seem so unaffordable, does it? The majority of mortgage insurance policies would begin to provide benefit after 30 days; however some providers ask you are out of work for 90 days at least. Providers can give you benefit for 12 months or some policies will provide for 24 months so also check the terms and conditions before buying. Some will also backdate the cover to the first day of unemployment or incapacity. The cost of the premium for a policy varies so it is worth shopping around for the cheapest. While you can take out mortgage payment protection insurance when taking on the mortgage, this can be the costliest choice for covering your mortgage repayments. Do not be forced into believing that you have to take cover this way. Some lenders have, in the past, made consumers believe that mortgage protection does have to be taken this way and that the borrowing depends on it. This is nothing short of blackmail and is just a way of grabbing money from the consumer. Of course you can be forgiven for thinking you would get the cheapest premium this way, especially if you got your mortgage for an excellent rate of interest. However standalone specialist providers in the majority of instances will provide a lower cost quote. Another big plus for choosing to take cover with a specialist is that they will back up their mortgage
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insurance with advice and information. A lack of information is what led to the majority of problems within the sector and is what gave payment protection overall a bad name. Ethical providers will ensure that the key facts are given before the consumer buys. Protecting the roof over your head with cover from an independent provider can give you the peace of mind you need when suffering from illness or accident. You can concentrate on recovering and getting back to work or if you are a victim of unemployment then it would give you time to look round for another job. Simon Burgess is Managing Director of the award-winning British Insurance ( http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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Mortgage Life Insurance Quotes By Ivon T. Hughes

If you're buying a house it will be mandatory, and if not in fact, very wise for you to purchase mortgage life insurance even if you make a large down payment. Happily since the advent of the internet, getting a quote for mortgage life insurance is as easy as clicking on your mouse. Many life insurance companies offer free quotes and some will show you their competitors rates, even if they have a higher price. In addition, there are quite a few independent brokers that will provide you with 100% percent unbiased mortgage life insurance quotes. Are Mortgage Life Insurance Rates Payable The Same Way As Life Insurance? Mortgage life insurance premiums vary with the carrier, the type and amount of the mortgage, and the payment plan. Premiums are higher for adjustable rate mortgages than they are for fixed rate mortgages, and for those in poor health, but otherwise they are the same as term life insurance. The two most common payment plans are the monthly plan and the annual level plan. With the annual level plan, the buyers pay the amount of the first year mortgage life insurance premium at closing if they are buying the group policy. For buyers who can't afford the extra amount, there is a monthly plan.

Shouldn't I Own My Own Mortgage Life Insurance? Because good mortgage life insurance protects the lender in the event you die, as the homeowner you wonder if there is a way to own the policy, and protect yourself personally. The answer is yes. Mortgage life insurance should be owned by the house owner because he or she own it and it will be cheaper than the life insurance offered by the bank. Mortgage life insurance is called that because it protects your mortgage but it is in fact just term insurance called "mortgage life insurance" as it protects your mortgage. But whatever you want to call it, just be sure your mortgage and your other responsibilities are covered by this product, popularly called mortgage life insurance. Ivon T. Hughes, The Hughes Trustco Group Ltd. Online Insurance Broker – Get a FREE Quote TODAY! Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.hughestrustco.com

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