Mortgage Protection insurance In INDIANA?
Me and My Wife are Looking into Buy Our First Brand New House and We want to get Mortgage Protection insurance Does anyone Know of Insurance companies that sell this in Indiana??
We Want to buy are first House but want to be Cautious and no Lose it, We were going to try FHA Loans that already have Mortgage Protection insurance included But Decided to go with USDA Rural Loan instead.
- AnonymousLv 77 years agoFavorite Answer
Mortgage protection insurance is CRAP COVERAGE.
It's effectively decreasing term life insurance - costs WAY more than regular life insurance, AND the benefit goes down as the policy goes on, but you still pay the same. Worst of all, when you die, SOMEONE ELSE gets the money.
Get real term life insurance - the benefit amount is level, it's cheaper, and after you die and wife pays off the mortgage, she'll have money left for taxes and groceries.
You'd find a local life insurance broker to get quotes on that - local to YOU.
- Anonymous6 years ago
The mortgage protection insurances that I got offered from my insurance broker did all fail and I am happy that I found a site that warned me about the bad ones and pointed me to the best performing mortgage protection insurances that have been proven to pay out to the insured person.
I am sure you will find a solution for your home and all information you need to know before closing a PMI.
Just use the Search in the right corner of the page in case the needed information is not displayed immediately.
Good luck with your research and I hope you never need that insurance!
- CarolineLv 77 years ago
Mortgage Protection insurance, also called PMI, is not worth the money that you'd have to pay. It's much better to focus on putting down at least 20% so that you aren't required to have it. All you're really doing is giving the bank more money than you would otherwise with no benefit whatsoever to you.
- Go with the flowLv 77 years ago
This is horrible insurance.
There are some advisors that call this the worst thing you can buy
Better: Term Life Insurance
How not to lose a house.
As soon as you buy it, start building up savings again.
At least 5 months worth of income.
In case you lose a job, have medical not covered by insurance, or have major car repairs.
Note: There are some advocates out there that want to make USDA loans illegal.
0% down is never a good idea.
You could instantly be underwater upon purchase.
If you could put 20% down this would avoid that nasty PMI.
This could cost you thousands a year.
It does not go towards principal, interest, and it's not tax deductible.
That's = the real mistake