All About Mortgage Insurance: All About Mortgage Insurance Information By Insurance Experts

The Easy Mortgage For Bad Credit Solution
By Ryan J. Taylor Platinum Quality Author

When you need to obtain a mortgage for bad credit, there are a couple options you have to choose from. Before you commit to anything, it is crucial that you know your options and spend some time thinking about this important decision. Whatever you decide is something you may be stuck facing and paying off for the next 30 years, so do not take this decision lightly.

Your mortgage for bad credit options are basically the following:

1. Search for and try to find the best offer with your current credit situation
2. Focus on credit restoration to qualify for preferred treatment

There are a number of companies and organizations that will approve you for a home loan no matter what your credit score, but that comes with major consequences. You're likely to pay outrageous fees and the interest you'll pay on the loan will be two to three times the average rate.

As a result, not only will it cost you hundreds or even thousands of dollars more to live in your home every month, but by the time you pay off your mortgage it could cost you hundreds of thousands of dollars more. That's because each month you pay your mortgage, more money is sent to the bank to pay interest than to actually owning your home. You're simply paying a fee.

Whether you need a mortgage for bad credit to purchase a new home, refinance your current home, or buy a second home, you'll end up paying more with these plans - and not just in mortgage payments. Because of your bad credit, your closing costs could be higher and you may end up paying private mortgage insurance (PMI), which is nothing more than a fee because of your bad credit score.

This can all be entirely eliminated by simply planning 30 - 90 days before you purchase your home. By putting a little effort in restoring your credit, you can erase any worries about getting approved for a mortgage. In doing so you'll save thousands of dollars in the process and reduce your closing costs.

Take the first and easiest step in repairing your credit right now. Get your credit fix in less than 45 seconds and watch your future start to change today. Discover how to rebuild credit

Article Source: http://EzineArticles.com/?expert=Ryan_J._Taylor

Mortgage Life Insurance Vs Unemployment Mortgage Insurance
By Robert McKnight Platinum Quality Author

It seems like every day we hear about the mortgage crash and how hundreds of thousands of people around the nation are losing their homes because they can not pay their mortgages. There are two options which can help you from becoming one of the unfortunate many: Mortgage Life Insurance and Unemployment Mortgage Insurance. Either of these options can secure your mortgage payments so you and your family will not have to worry about meeting these payments in the event that something happens to you or your main income source.

The Difference between Mortgage Life Insurance and Unemployment Mortgage Insurance

Both if these types of insurance have many of the same components, and similar policies and plans which are available to you. They are, however, different in what they cover. Mortgage Life Insurance is a coverage which protects your family from losing their home in the event of your death; while Unemployment Mortgage Insurance covers your mortgage should you lose your job when you are not to blame. For example: if you should be laid of from work because your employer is downsizing, you could qualify for Unemployment Mortgage Insurance.

Benefits of Mortgage Life Insurance

One of the benefits of this type of insurance is you are not required to take a medical examination to qualify for the coverage, which is unlike other life insurance policies. Also, it is a cheaper alternative to your standard life insurance policy. There is also an option called a Return of Premium.

As its name suggests, this optional insurance will return all the premiums you paid back to you if you are still alive when your mortgage is all paid for. Also this coverage may be used as your primary life insurance or as a secondary life insurance. There are other options which can be added to the main policy including: sickness, injury, and loss of work.

Benefits of Unemployment Mortgage Insurance

Unemployment Mortgage Insurance is sometimes referred to as layoff protection, namely because you do not have to own a house to receive any benefits. The conditions for collecting any benefits are similar to that of the state unemployment coverage. But since the state coverage is less than $400 per week, most people need a little extra to help them make ends meet.

One of the optional additions to a Job Loss Protection Insurance policy is accident, sickness, and unemployment coverage. This comprehensive coverage will cover almost anything that could happen to you so that your mortgage payments could still be met.

Mortgage Life Insurance is a component of Unemployed Mortgage Insurance; you can get it as an addition to your unemployed coverage. With this option you can have both of these protective coverages on your house at the same time without having to get two different policies. It is easy to get an insurance policy that is designed to cover your mortgage payments. Now that the economy is unstable and jobs are harder to find and keep, it is the perfect time to protect yourself and your family.

Find and compare both Mortgage Life Insurance options and Mortgage Unemployment Insurance options at http://www.mortgageprotectionhelper.com today!

Article Source: http://EzineArticles.com/?expert=Robert_McKnight

Unemployment Mortgage Protection Insurance Guide
By Robert McKnight Platinum Quality Author

With daily news reports focusing on the declining economy and disappearing jobs, you may be like many who are beginning to wonder what you would do if you were suddenly unemployed. How would you pay your mortgage and other expenses? Is there a way to protect yourself and your family? One answer to both of these questions could be unemployment mortgage protection insurance.

What is Unemployment Mortgage Protection Insurance?

This is a relatively new line of insurance that protects your mortgage in case you become unemployed for an extended period of time.

You will pay a relatively small monthly premium and if you become unemployed for more than 30 days and the unemployment is due to no fault of your own, you will receive a cash benefit. The cash benefit will be paid directly to you on a monthly basis in the amount that was agreed upon in your contract. You can then use the funds to pay whatever bills you wish.

Who Needs This Type of Insurance Coverage?

Virtually anyone who has a mortgage could use the protection of this type of insurance. Very few people can manage to pay their mortgage and other expenses if they are unemployed for an extended period of time. That is how savings accounts are emptied and bankruptcies and foreclosures happen occur.

If you don't think you could financially withstand unemployment for more than 30 to 60 days, you should seriously consider investigating this type of coverage.

How Affordable is This Coverage?

Luckily, this form of insurance is one of the more affordable lines of insurance. An average monthly premium of $70 to $75 will protect a mortgage payment of about $1500. This means your yearly premium for unemployment insurance will be just over half of one month's mortgage payment.

Where to Shop for Coverage Options?

It is getting easier and easier to find unemployment mortgage protection insurance. Your mortgage lender is a likely source, but you can also find unemployment insurance online. An online search will allow you to gather quotes conveniently and quickly. This will allow you to compare unemployment protection insurance providers and get the best deal for you.

Are There Restrictions on the Coverage?

There are some restrictions put upon the payout of an unemployment protection insurance claim. Though unemployment mortgage protection insurance companies will have differing restrictions, here are a few of the most common.

Job loss must occur through no fault of your own
Must be full-time, year-round employee
Must be unemployed for at least 30 days
Must have unemployment insurance policy for at least 6 months
No self-employed workers

Make sure to read all the terms and conditions of an insurance policy before signing.

The unemployment statistics are staggering as nearly one million jobs were lost in the months of October and November of 2008. Projections for 2009 expect this trend to continue with over two million jobs to be lost in 2009. Now is the time to consider protection for your home and family with unemployment mortgage protection insurance. It may not be the right choice for everyone, but it may be the right choice for you.

Article Source: http://EzineArticles.com/?expert=Robert_McKnight

Understanding Mortgage Insurance
By Frank Rodriguez Platinum Quality Author

Buying a home often means you're going to run into a lot of terms you won't be familiar with. One of these might well be PMI, which stands for private mortgage insurance. Though it is still relatively unknown, more and more people are realizing this option in making down payments.

For many people, having to pay something like twenty percent of the cost of a home right away just isn't a possibility. This is the point where they should turn to mortgage insurance. They'll have to pay a lot less in terms of this initial expense, and sometimes even nothing at all, which has helped bring it more into light. It's 0
down payment requirements have the expensive affordable for the first time home buyer.

Obviously, the economy is in a lot of trouble now, which means that the number of people who won't be able to make down payments is just going to grow. Considering how much you'd have to pay on a $400,000 home, you can't blame anyone for trying to find something that will help.

With everything there is to consider, even a minor issue with money could prevent you from reaching your goals. Yet, with mortgage insurance, things suddenly become much easier. You can pay it off in monthly payments, put into your escrow, like you would with your mortgage, until you are paid off or able to cancel.

Part of the reason you haven't heard of this option is that it is a relatively new one inspired in part by the economy. Yet just because it isn't much discussed, this doesn't mean you shouldn't use it. In fact, many of the people who ignore it are just the type who would probably need it most.

There is the fact that this will get more people involved with your money than you would probably prefer. But this isn't going to be much of a concern when it comes to getting a house or not. You'll find that the aid you get is well worth having a new place to live that will last for years.

If you happen to be a first time home buyer you probably don't have the necessary cash to avoid the dreaded mortgage insurance. All is not lost though, as PMI insurance allows you to get into home ownership.

Article Source: http://EzineArticles.com/?expert=Frank_Rodriguez

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