As a lender, the death of the borrower or the inability to pay or fulfilling the contractual obligations should not be your problem. We can help you.
Are you a lender or title holder who wants to protect the future of your assets?
Are you looking for a reliable way to guarantee the financial value of your property?
What is Mortgage Insurance?
This is the policy that provides protection to the lender should the borrower defaults on payment, dies, or is unable to fulfill the agreements of the contract. It is different from mortgage life insurance which protects the surviving heirs should the borrower die having not cleared the mortgage payments.
How Mortgage Insurance works?
Mortgage insurance can be paid in well-portioned premiums throughout the stipulated period or as one large sum of money paid once at the initiation of the mortgage. Essentially, money is paid on top of the regular mortgage payments as a safety net for the lender. The insurance helps buyers get the property with affordable, competitive interest rates and low down payment. So, should the borrower not be in a position to make the payments, the insurance will do so.
Who should get Mortgage Insurance?
Those buying a home with a conventional mortgage.
If you are using FHA and USDA loans, which are government-backed mortgages.
What does Mortgage Insurance cover?
Protects the lender in the event that the borrower fails to fulfill contractual agreements.
Covers your payments should you be rendered disabled to do so.
Covers payments in the event that you die unexpectedly with debt on the mortgage.
What are the advantages of Mortgage Insurance?
- Provides insurance cover against medical expenses
- Provides coverage against critical diseases
- The benefit of cashless claim
- Availability of extra protection above the normal policyholder’s cover
- Availability of tax benefits
Types of Mortgage Insurance Plans
Required by the borrower as a condition of a conventional mortgage loan but it protects the lender, not the borrower.
It goes hand in hand with an FHA-backed mortgage but provides similar benefits. This is to say, if you have an FHA mortgage, you have to buy MIPs regardless of the initial premiums.
This provides cover for any losses that may be incurred in the event that sales become invalidated because of a given problem. It protects the beneficiary should anyone other than the seller be the owner of the said property.
This is offered to borrowers on the initial stages of mortgage which can be declined with a number of verifications.
The pay-outs are either declining term which costs more or level.
The beneficiaries of the insurance can be the lender or the heirs of the borrower depending on the terms of the policy.
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