Affordable Mortgage Insurance You Can Find It A Lot Of Places, But Is It The RIGHT Kind?
July 30, 2010 on 9:58 am | In Mortgages | Comments OffThe truth is most of us should use mortgage insurance. But affordable mortgage insurance is a hard find. But the question is, are you getting the right kind of affordable mortgage insurance?
Let me back up here for a second and explain what I am talking about. You can get mortgage insurance a lot of places. Affordable mortgage insurance is at times hard, but can be done. Often, finding the right kind of mortgage insurance is very difficult.
What am I talking about, you ask?
Basically, mortgage insurance is kind of like a life insurance plan that covers your mortgage in cases of your death or if you were disabled.
The premiums will decrease as your principle goes down – a lot like a decreasing life insurance policy.
Then there is the quest to find reliable mortgage insurance that is affordable. Dependable: what does that mean?
Well you will find a lot of companies and banks offering you mortgage insurance. Be careful of the terms in which you get your insurance – it could haunt you.
It can happen like this: your broker asks if you if you need mortgage insurance through them. It doesn’t cost that much, it is do-able, so you sign. You don’t have time to read it because of the lengthy document – you trust your advisor, so you sign anyway.
Post-claim underwriting insurance is what you just autographed for. Lucky you, now the bank gets to approve you AFTER you submit a claim – which will probably leave you high and dry. This enables them to get cash from you and a loop hole to get out on the back end. They don’t pay out because of this loop hole and make a lot of money off premiums in the meantime.
What you want to search for is pre-claim underwriting insurance. This is just as, if not more, affordable mortgage insurance as the banks can give, they fairly evaluate your medical history before you claim, and, in turn, it guarantees you that your claim will be handled properly.
www.infoprimes.com is a great place to find the right kind of insurance. They will also contrast their rates with the banks to ensure you are getting a better deal. They will approve you on the front end, so you or your family are not left with a huge amount of debt should something happen to you.
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