The Truth about Mortgage Insurance Protection that Banks and Mortgage companies Don’t want YOU to know...
What is the difference between mortgage protection insurance (MPI) and private mortgage insurance (PMI)?
Private mortgage insurance: protects the lender that loaned you your mortgage, and is required on conventional loans when the borrower puts less than 20 percent down.
Mortgage protection insurance: policies protect you and your family case of YOUR untimely demise.
Mortgage protection policies function as a type of life or disability insurance. The cost of the monthly premium varies depending on the amount of the mortgage, your age and your health. Mortgage protection insurance policies in general only cover the principal and interest portion of a mortgage payment. And are usually a decreasing term policy, so when your principal decreases so does your face amount, but the premiums stay the same.
Did you know? There are policies out there if you qualify, where you can receive a total refund of all your premiums after the term of your mortgage, i.e., 15,20,30 years. THERE IS NO mortgage requirement, No-medical up to $450,000 instant decision with e-application and your policy can be delivered to our e-delivery system.
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