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When buying Mortgage Insurance- What to Consider?
1. Who will be the owner of the policy? You or the Bank?
2. Can you change lenders at later date without worrying about the mortgage insurance?
3. Who will be the beneficiary of this policy? Your heir or bank?
4. Does the coverage reduce over time as the balance of mortgage decreases with time? Or does the coverage stays the same?
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Benefits of the new loan |
Benefits of the new loan.
1. Bank will not lend you loan if your financial status is stable. For proving your condition you must write a convincing hardship letter. This hardship letter must explain the reasons for the default, steps that you have taken to handle the things and your commitment towards the ownership of your home.
2. Plan a new monthly budget for your family and exclude all the unnecessary expenses that were a part of your monthly expense till now. This new budget will help you determine the affordable payment for your new loan. It will get an idea of your ability to pay the loan by the new budget. Keep in mind that the new budget is prepared keeping in mind the guidelines of the bank.
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Simply fill form below and get online quote for your mortgage life Insurance.
Compare Rates from Leading 25 Insurance Companies |
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FREE Benefits – Each Policy comes with following benefits at NO Cost
- Terminal Illness Benefit - An interest-free loan may be provided for an insured who becomes terminally ill. The total loan can be up to $250,000 or 75% of the total amount of the life insurance on that insured, whichever is lowest.
- Legal Link Advice - Access certain free and discounted legal services in your area. Connect with lawyers for help with a variety of issues including wills, home ownership and family law.
- Orphan Benefit - A monthly payment for orphans, which pays $900 per month per child to the legal guardian for children under 18 upon the death of both Parents.
- Competitive Scholarship Benefits - to qualifying insured kids for higher studies, worth upto $11,000. Also available - Orphan Scholarships - the scholarship benefit that provides the children of deceased insured with a renewable higher learning scholarship of up to $6,000 per year for up to four years to cover tuition and maintenance, to learn more -- discuss with our licensed advisor.
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In case you have any specific question or concern please feel free to contact us and one of our licensed life insurance advisor will be more than happy to assist and answer your questions. |
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