jparedes@wallsandbellsgroup.com
https://storage.googleapis.com/msgsndr/qPqpaYhOHqH399mSM3gQ/media/65ce6f8d67a0b6625d25137e.png
Mortgage Protection Insurance
Buying a home is a major financial commitment. Depending on the loan you choose, you might be committing yourself to 30 years of payments. But what will happen to your home if you suddenly die or become too disabled to work? Mortgage protection insurance (MPI) can help your family cover your mortgage under certain circumstances – you can avoid foreclosure if you can no longer work to pay your mortgage.
Protect Your Home In Uncertain Times
Most MPI policies work the same way as traditional life insurance policies. Every month, you pay the insurer a monthly premium. This premium keeps your coverage current and ensures your protection. If you die during the term of the policy, your policy provider pays out a death benefit that covers a set number of mortgage payments. The limitations of your policy and the number of monthly payments your policy will cover come with the policy’s terms. Many policies agree to cover the remaining term of the mortgage, but this can vary by insurer. Like any other type of insurance, you can shop around for policies and compare lenders before you choose a plan.
MPI Vs. PMI
Keep in mind that there are different types of mortgage insurance and MPI isn’t the same thing as private mortgage insurance. PMI is a type of protection that safeguards the owners of your home loan if you stop paying on your mortgage loan. Many homeowners assume that their PMI will cover their mortgage payments when they die. This assumption is incorrect. As the borrower, PMI doesn’t afford you any type of protection. If you can’t pay your mortgage and you have PMI, your home will still likely go into foreclosure. You will typically be required to pay for PMI if you take out a conventional loan with a down payment of less than 20%. You can only cancel your PMI when your equity reaches 20%.
TESTIMONIALS
What Our Clients Say
See what our clients have to say:
Walls and Bells Group has been a true lifesaver in my insurance journey. Their expertise and dedication made finding the right policy seamless. Highly recommended!
- Robert Magania - 5/25/2023
Jaime made insurance simple. Great service, clear advice. Trustworthy team. Highly satisfied!
- Sarah Anderson - 6/8/2023
Jaime made insurance simple. Great service, clear advice. Trustworthy team. Highly satisfied!
- Jessica Hernandez - 2/21/2022
jparedes@wallsandbellsgroup.com