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What are the main benefits when getting life insurance mortgage protection?
Wiki User
∙ 10y ago
There are many benefits from getting life insurance mortgage protection. When one dies, if he does not have his mortgage paid life insurance would pay it off so his next of kin could keep the house.
Wiki User
∙ 10y ago
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What steps would one have to take to get a mortgage when they are on unemployment insurance?
Getting a mortgage if you are unemployed is pretty much impossible. Fortunately, there are some mortgage companies that offer unemployment insurance protection. However, you need to be employed first. If you attempt to get a loan without a job, it is pretty much impossible. If you were to get a mortgage, you would have to make a lot on unemployment insurance.
What are the benefits of getting a second mortgage refinance?
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
What are the benefits to getting a second commercial mortgage?
Some of the benefits of getting a second commercial mortgage would be lower payments, a chance to pay off bills that are backed up or due now. It can also help pay off a first mortgage or pay for home improvements.
The Value of Mortgage Insurance to All Consumers?
Many people do not realize the importance of purchasing a mortgage insurance policy. A mortgage insurance policy is even more important than the things that are in the home, considering if something happens to default the mortgage loan, the lender is protected. With mortgage insurance, the insurance company basically becomes the beneficiary in the case of any default against the borrower although the borrower purchases the insurance and pays the premiums. Also, many homeowners or buyers do not know that mortgage insurance is a necessity or requirement when it comes to getting any type of home loan to purchase a property. There are two main types of mortgage insurance, Private Mortgage Insurance and Mortgage Protection Insurance. With Private Mortgage Insurance or PMI, if a consumer doesn't hold at least twenty percent equity or cannot put a twenty percent down payment on the mortgage loan a PMI may become a requirement to get any mortgage loan. This is because the PMI is used to protect the lender against any loss in case of default. There is Borrower paid PMI which is where the consumer pays an insurance premium. There is also Lender paid PMI which means the lender pays for the PMI and the lender recovers any premium costs by adding it to the mortgage loan interest charges. The second type is Mortgage Protection Insurance. This type is available in the case that the consumer cannot make their monthly mortgage payments due to financial hardships, illnesses or injuries and other such issues. Within this category is Mortgage Life Insurance which covers the remaining amount of the mortgage loan in case of death. There is also Mortgage Disability Insurance that covers the consumer in the event that the person becomes physically disabled. This coverage usually only pays about fifty to seventy percent of the person's yearly salary towards mortgage payments. A consumer may also get a combination of Life and Disability Mortgage Protection, but it is wise to compare different policies and be knowledgeable of the policies before committing to them. In conclusion, Mortgage insurance policies are in place to protect the lenders but also have options such as the Life and Disability Protection policies to protect the consumer. In any case, every consumer should research the differences, ask questions about premium costs and coverage and not settle for merely one policy if the others may be available to them.
Should you buy Mortgage Title Insurance?
I think you are asking two different questions here. (1) Mortgage Insurance insures your life in order to pay off your mortgage if you die. (2) Title Insurance ensures that the company guarantees and will defend your title and deed to your house that it will stand a test in court if someone should ever challenge your ownership of the property. I do NOT recommend getting mortgage insurance. You could just as easily buy term life insurance for less money to do the same thing. I DO recommend getting title inusrance.
What are the benefits of getting health insurance for pets?
The benefits of getting health insurance for pets is that if the pet gets ill or injured the insurance will pay the majority up to the maximum coverage. Often the insurance is quite expensive in the 500 range per pet per year, and has a deductible if used.
What are the benefits of getting cheap health insurance short term?
The benefits of getting cheap health insurance short term is to be able to see a doctor for an urgent visit and having it covered by the insurance. It also covers prescriptions which may cost a ton out of pocket.
What are the benefits of buying travel insurance?
Like any insurance, travel insurance offers protection. Exactly what kind of protection varies from policy to policy, so be sure that you understand the benefits and that you're getting the kind of benefits you need. Travel insurance can, among other things, reimburse you for travel that had to be cancelled because of illness or the loss of employment. It can also protect against additional costs due to travel delays, trip interruption or rescheduling due to difficulties with an international destination. A “cancel for any reason benefit is just that and covers just about any reason that requires you to cancel your trip. The cost of travel insurance is minimal and, depending on your situation and plans, offers a great benefits as well as peace of mind.
What are the costs and benefits of getting a mortgage?
Mortgages enable people to buy houses but result in large interest payments.
Ask us of these describes the costs and benefits of getting a mortgage?
Buy a House but Result in Large Interest Payments - Apex
What are the benefits of getting group health insurance in California?
Group health insurance has higher benefits, it has a higher chance of the having the coverage approved. It also tends to have much smaller deductibles.
How do I go about getting business insurance cheap?
The best business insurance should be found with your local car insurance and or mortgage insurance company. By having multiple items insured it provides great discount for insurance as a whole. That would be a great start.
