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Mortgage Insurance Frequent Questions:

Q: I Think I'm already paying for this coverage, How do I know for sure if I'm covered?

A: The best way to be sure, is to review your policy carefully. If you still are not sure of your coverage, ask your Life insurance Agent to review it with you.   If you never received a policy, or lost your policy, make sure you request a duplicate, Review it carefully and keep it in a safe place.

Often home owners mistakenly believe their Homeowners insurance affords this protection.  Or that the premiums they are paying for PMI affords this protection. 

Q: What is Private Mortgage Insurance?

Don't Mistake PMI for Mortgage Insurance.  The terms are very similar, but actually insure to completely different things.

PMI on your loan  is Private Mortgage Insurance to indemnify your  Lender should you fail to make your mortgage payments as agreed.  PMI helps you into home ownership with little, or no money down.   It is usually required by your lender if the loan on your home will exceed 80% of the appraised value.   It does not prevent the loss of your home from foreclosure and does not pay off your mortgage in the event of your death

Government Home Guaranty services like VA Loan programs, or FHA loan programs are also "insurance" programs that help you into home ownership with little, or no money down.  They do not protect against the loss of the home when the loan cannot be repaid because of the death, or disability of  the homeowner.

Don't mistake accident only coverage for "Mortgage Insurance".  If you applied by mail, you most likely have bought an accident (only) mortgage protection.  This type of coverage does not pay off your mortgage in the event of death by natural causes, like Cancer, Heart Disease, Diabetes, Kidney failure, Stroke, Aids, etc.  Coverage for death by natural causes would require a life insurance application in which you were asked to  answer health questions, usually witnessed by a licensed life insurance agent, or Paramedical nurse

Q: Which coverage is more important to maintain, Home Owners Insurance, or Mortgage Insurance?

A:  It is very important that you maintain both of these types of coverage.

Homeowners insurance protects you and your lender, against the financial cost of repairing, or replacing your home, when the physical damage is caused by Fire, Windstorm, Hail, Vandalism, etc.

Your lender requires proof that you have this type of insurance coverage on your home before they will make you a home loan and requires that you maintain this coverage until you have repaid the loan,

Mortgage Insurance, also known as Mortgage Cancellation Life Insurance, Mortgage protection life insurance, or Home Loan Insurance, can protect your family against the possible Loss of their home through foreclosure, or a forced Sale when one, or both of the homeowners dies before repaying the home loan.

Without Mortgage Insurance, often the surviving spouse does not have the income to repay the loan.

Because mortgage loans are usually for a specific (term) or duration, (ie.15 years, 20 years, or 30 years.) a renewable Term life insurance policy is often used for Mortgage protection because it requires less premium than an interest sensitive whole life insurance, or universal life insurance policy.  Some homeowners prefer to pay the higher premium because of the potential cash value in an interest sensitive whole life, or universal life policy. A less expensive alternative may be to add a guaranteed return of premium cash value rider to your mortgage term policy.  Regardless of your preference, obtaining some type of mortgage insurance protection is very important.

Statistical information obtained from *Mortgage Bankers Quarterly, revealed that up to 70% of all foreclosures in the United states, and up to 85% of all forced sales were the direct result of the death, or disability of an uninsured, or underinsured homeowner.

Q: What are the chances of losing my home by Fire?                                                

A:   one out of100.

Q:   What are the chances that I won't live long enough to repay my mortgage? 

A:  The statistical risk of dying depends on your age at the time you obtained your mortgage.  Statistical information obtained from *NAIC Commissioners Standard Ordinary Mortality Tables reveal that the chances of death before completing a 30 year mortgage are:

Age 50: Almost Certain

Age 40: one out of 2

Age 30: one out of 4     

 

 

 

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  No Medical Exam Term Life Quote $10,000 to $250,000   Preferred Rate Term Life Quote up to $1,000,000

 

  Private mortgage Insurance (PMI) is not a form of Life Insurance.  It is insurance that protects your lender

  in the event the borrower defaults on the mortgage payment.  PMI is generally required by the lender if the

  initial mortgage will exceeds 80% of the value of the property.   In addition to PMI,  Lenders Often provide access to

  some form of Mortgage Insurance protection to their mortgage customers that does provide a death benefit that may be used by

  the beneficiary to pay off an outstanding mortgage balance.  Some offer accident only mortgage insurance, some offer a Group Mortgage

  Term Policy, and some may offer individual Term insurance available through Insurance Companies specializing in this type of insurance. 

  Regardless of the type of death benefit provided, it is advisable to be sure the primary beneficiary is someone other than the mortgage company.  

  Making the mortgage company the primary beneficiary limits the options of your surviving spouse and children.  In addition, if the mortgage

  is paid off through refinance with another mortgage company, the mortgage life insurance policy will usually be cancelled.   The new mortgage is

  then left unprotected unless a new mortgage life insurance policy is purchased.    A new policy will likely be at a higher premium because 

  the insured borrower will be older than when the original policy was purchased.  Also, a change in health condition may now prevent

  a new policy from being issued.   

 

The Following  is a partial list of lenders that  provide their borrowers with the added (optional) convenience

of protecting their mortgage with a mortgage insurance death benefit through life insurance companies specializing in mortgage protection

with term life insurance.  

If you would like a no obligation quote choose one of the links above.

 

     

  ABN AMRO Financial services, Inc.   

  Alliance Mortgage

  Commercial federal Bank FSB

  American Bantrust

  Bank Of America - Buffalo, N.Y.

  Bank Of America - Louisville, KY

  Bank Atlantic Servicing

  Bank Of Oklahoma Mortgage

  California Mortgage Savings

  Calumet Securities Corp.

  Charter Bank for Savings

  Chase Manhattan - Florida

  Chase Manhattan - Ohio

  Citimortgage, Inc.

  Colonial Savings & Loan

  Ft Worth Mortgage (Outside Texas Only)      

  Countrywide Agency, Inc.

  Covenant Mortgage Corp.

  Delmar Financial Company

  Dovenmuehle Mtg., Inc.

  El Dorado Savings & Loan Association

  Fidelity Savings

  First Horizon

  First Nationwide Mortgage

  First Union

  Flagstar Bank

  GE Capital Insurance Services - CA

  General Mortgage Corp.

  GMAC Mortgage

  Hibernia National Bank

  Homeamerican

  Home Eq servicing Corp.

  Homeside Lending

  Indy Mac Bank

  Interstate Mortgage Co.

  Lake Mortgage Co.

  Leaders mortgage

  Matrix Financial Services

  Meritech Mortgage Services

  Mercury Mortgage

  Midland Mortgage Co., OK City

  Mitchell Mortgage Co., LLC

  Nationwide Advantage Mortgage Co.

  North American Mortgage Co.

  Ocwen Federal

  Option One

  Pulaski Bank - A Savings Bank

  Pulaski Mortgage Corporation

  Raymond Federal

  Regal Mortgage Corp.

  Regional Investment Company

  Regions Mortgage Co.

  Saxon Mortgage

  Standard Mortgage

  RBC Mortgage

  Sterling Savings Bank

  St. Paul Federal Bank for Savings

  Trustcorp. Mortgage Company

  Union Planters Corp.

  Universal Mortgage Corp.

  United Bilt Homes Inc.

  Washington Federal Savings

  Washington Mutual Home Loans

  Washington Mutual - Illinois (formerly PNC)

  Washington Mutual - CA

  Waterfield Mortgage Company

  Wells Fargo

  Wendover Financial 

 

 

 

  The Insurance company or companies underwriting the Mortgage protection Term Life insurance  are not affiliated with the Lenders.

   This list is provided for information purposes only.    To find out if your lender, or a lender listed here  still offers this protection, contact the lender directly.