Monday Feb 15th, 2016
Purchasers of a new home often question whether or not mortgage insurance is a worthwhile endeavor. I suggest that you take the time to speak to the numerous providers about the various products available to you. Mortgage insurance can sure make dealing with an unforeseen tragedy a lot less stressful. To know that your home ownership is secure removes a tremendous burden.
As I mentioned earlier investigate the various products available to you. There is mortgage insurance that is relatively inexpensive and that will keep its full payout value to the end of your mortgage term no matter how soon you pay off your mortgage. The policy is than convertible to whole life insurance with a cash value. Avoid the mortgage insurance with a reducing payout based on the remaining value of the mortgage. This insurance can have a little less expensive premium but has no cash value and over time ends up costing you much more money.
Take your time and do your research before purchasing this much needed product.