Affordable Mortgage Insurance Is Possible With Pre-Claim Policies
The truth is most of us could use mortgage insurance. The trouble is getting affordable mortgage insurance – the kind that helps the pocket book. But the question is, are you getting the right kind of affordable mortgage insurance?
Let me back up here for a second and go into depth what I am talking about. You can find mortgage insurance a lot of places. There is a little more difficulty with finding affordable mortgage insurance, but it is still possible. Often, finding the right kind of mortgage insurance is very difficult.
Isn’t there just one kind of mortgage insurance? No.
Primarily, mortgage insurance covers your mortgage in unfortunate mishap of your death or disability – like a life insurance or disability insurance policy.
It is kind of like a decreasing term life insurance plan where you pay less as you owe less.
Getting reliable and affordable mortgage insurance is perhaps the most important step in this process. Dependable: what does that mean?
Many different banks and agencies sale mortgage insurance. But there can be a twist in the fine print you buy them under.
Here’s is a scenario: you are signing the mortgage, when your broker puts a long mortgage insurance paper in front of you and casually asks if you want it. You do. You sign. Throw that in the mix with all the other agreements you are signing that day, you do not have time to look over the document, but you sign anyway.
What you just signed up for post-claim underwriting. This means that you will pay premiums to the bank and they will not “qualify” you until you submit a claim. This enables them to get cash from you and a loop hole to opt out on the back end. They don’t pay out because of this post-claim position and make a lot of money off premiums in the meantime.
Instead of post-claim, think about buying pre-claiming underwriting insurance. The premiums are the same but the bonus is you are approved before you pay premiums, so you know you can rely on it.
You can keep it affordable and find a pre-claim policy at www.infoprimes.com 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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