Lender’s Mortgage Insurance is an insurance policy that protects the lender from financial loss in the event that the borrower can’t afford to keep up their home loan repayments. The financial institution may make it a condition of borrowing that you pay for a lender’s mortgage insurance policy. You can find more in depth information here . Still have questions? Give us a call on (03) 5561 2643 or email [email protected]#MortgageInsurance#homeloans#homeloanhacks
On Friday’s we focus on our existing clients. Phone calls and emails to our clients that we haven’t talked to in awhile.
Why do we do this? Simple. We offer a free mortgage analysis to see if you could benefit from a refinance. Not only to see if you can lower your monthly payment or eliminate mortgage insurance. We also can look at debt consolidation for you to pay off excessive credit card debts, student loans.
Can you benefit from a refinance? Call today!
We had the pleasure of honoring Mrs. Sandy Gambrell Edinger- teacher at Booth Middle School. Our agency provided her with supplies for some of her upcoming lessons. We enjoy giving back to those who do so much for our community. Mrs. Edinger- thank you for shaping the future!! #ThankATeacherThursday#boothmiddleschool#wearefarmers#sciencerocks
💰 Mortgage Insurance💰
Let’s talk about it... What is it? Is the consumer benefited by it?
1️⃣ It is an insurance policy that compensates for losses the lender incurs in the event of a default on the loan.
2️⃣ No, the consumer is not. It’s only an insurance policy for the lender.
Do you have to put 20% down to avoid it?
No! You can put as little as 3% down! 🎉
▪️ Lender paid mortgage insurance - pay an upfront fee OR pay a tad higher interest rate and the lender pays your MI for you! Typically this route will give you a lower monthly payment vs paying monthly mortgage insurance. 🙌🏼 .
Whether you’re in the process of buying your first home or you’ve been a homeowner for years, there are few phrases that hit right to the bone like “mortgage insurance.”
What Exactly is Mortgage Insurance?
Mortgage insurance is a type of coverage that your lender will take out on your loan to help shield them against loss should you default. They generally only require it if you have less than 20 percent down and often, this monthly payment will drop off once you’ve paid your home loan down to the point that your house has about 22 percent in equity versus its mortgage.
To be clear, this insurance does not cover you — at least not directly. In the case of default, the bank gets the check, but you get something, too. In many states, even recourse states, the mortgage insurance can be enough to prevent the bank from coming back on you for the difference between what you owe and what it was able to recover at a public sale.
Having mortgage insurance does not guarantee you will be free and clear should you lose your home, but it sure helps, especially if that house is in good condition when you turn it over to the bank. Its original purpose was to make it easier for people to get mortgages, even if they couldn’t come up with a big down payment, but during the housing bubble a decade ago many homeowners discovered that it can help on the back end, too.
To read more about Mortgage Insurance visit my
#homekeepr blog bit.ly/2ydh78Q
Mortgage insurance is one of those things that many homeowners pass by, simply because they are unwilling to add any additional cost commitment to their financial output. Mortgage insurance may not be the right option for every home buyer, but it is something that all individuals should learn about and consider carefully.
Mortgage insurance can offer protection during financially unstable times, and help get financing in the hands of those that might not qualify for more conventional options. To learn why mortgage insurance might be a good option for you...The benefits of mortgage insurance are :
1. Access to Better Interest Rates
2. Mortgage Insurance can be Transferred
3. Allows Buyers to Purchase with a Smaller Down Payment
4. May Protect Buyers in Case of Job Loss
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