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Below, you'll
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Mortgage Insurance For Your Home
By Ivon T. Hughes
When buying a home, most of us will take out a to finance our new purchase. The provider of that mortgage, normally a bank or trust company, may require you take out a insurance policy to guarantee payment of the mortgage. Should you die with a balance still owing, the bank, which owns the policy, will receive the balance of the payments in one lump sum. In this case, the survivors of the holder now own the house outright.
This is a group life insurance which you get by simply by ticking a box. However, the downside of this is that you are grouped together with people of varying ages and states of health; in other words, a typical group insurance policy. If you are older and not in great health, this may be the way to go, though you should certainly confirm that you can't get a better rate. It is very very easy just to agree and tick a box simply on the grounds that it takes no effort to do so. But that little tick can cost you hundreds of dollars more than you need to spend.
Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWeb Jan 9, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1835834.htm ]]>
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Read the full story at http://www.prweb.com/releases/55/communities/prweb1837584.htm ]]>
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By far the majority of buyers should go to a broker who will look after their interests, not the interests of the bank. You need someone experienced to advise you on what you need and then to shop for that particular type of life insurance for you. You then have a list of companies and prices from which to make a choice.
You now have the insurance for the amount owing on your mortgage, and because you own it, not the bank, your survivors can decide what to do with the capital if you die. They could just continue the payments, pay off some of the capital owing or pay it off completely, their choice!
Doing it this way enables you to consider other reasons to take this insurance. Perhaps you also have a cottage or second home for which you also need insurance.
It is important to remember that "mortgage insurance" is term life insurance, purchased for the purpose of paying off the mortgage. It is for this reason only that it is called insurance.
Ivon T. Hughes of The Hughes Trustco Group is the author of the Life Insurance Handbook: How To Get The Best & Cheapest Life Insurance available FREE to all new subscribers at www.hughestrustco.com
Additional
Resources
Prepaying Your Mortgage? Read This Before You Do!
By John R. Blakefield
Many people have a little extra money left at the end of the month or get bonuses in their work. It sometimes crosses a home owners mind that hey, I could pay my mortgage loan off faster if I put Read more...
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Additional
Resources
Top 9 Mortgages Explained! Find The Mortgage That is Right For You
By John R. Blakefield
There seems to be an endless choice of mortgages and rates available to the home buyer consumer. It is always great to have options so you can specify a mortgage that is perfect for your financial Read more...
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- Builder Avoids Foreclosure Using Real Estate Auction
In this increasingly competitive housing market brought on by current economic conditions, builders are turning to real estate auctions to liquidate new home inventories. Charlotte-based builder, Southampton Homes has recently engaged Tranzon/Metrolina to auction six custom homes to bidders searching for good values. (PRWEB Jan 9, 2009)
Read the full story at http://www.emediawire.com/releases/2009/01/prweb1835834.htm ]]>The Highlands of Golden Oaks Village, a Leading 55+ Community, Continues Upward Trend in the Western Poconos
Free 2009 guide helps better understand retirement in the Western Poconos. (PRWEB Jan 9, 2009)
Read the full story at http://www.emediawire.com/releases/55/communities/prweb1837584.htm ]]>
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