All About Mortgage Insurance: Update Oct. 27, 2009 All About "Mortgage Insurance" Information By Insurance Experts

Mortgage insurance is defined as a decreasing term life insurance depending to the amortization of the mortgage period while the premium remains the same over that period. You can purchase the mortgage insurance from the bank, trust or life insurance companies.
1. If you purchase your mortgage insurance from the bank or trust
a) No medical exam is required
b) The beneficiary of the policy is the bank or trust
2. if you purchase your mortgage insurance from the life insurance companies
a) medical exam is required for any sum insured over $100,000
b) The beneficiary of the policy is designated by you ( Kyle J. Norton)

Mortgage Payment Protection Insurance - Your Safer Cover!

By Gyan K

What happens in case you are suddenly made redundant due to a loss of job or illness? You may be unable to make your mortgage payments, pay off credit card bills, grocery bills and find it difficult to lead a normal life. You may be unable to meet your basic financial needs. Are you stressed out? Don't worry, you have a protective cover known as mortgage payment insurance.

Your basic insurance cover for income protection will cover you for:

• Mortgage

• Household bills

• Rent

• Credit card payments

• Loan payments

With a mortgage payment protection you will no more be in a dicey situation if you were to lose your job. Due to recession, sudden loss of job has become a common occurrence and there is no security of job. It is evident that more and more people have started to enrol for income protection insurance. Safeguard your monthly income flow, be it accident, illness or a sudden loss of job. Your mortgage payments, rental bills, loan payments, house hold bills, credit card payments, grocery bills etc will be covered by income protection insurance.

Some loan lenders will offer a combination of loan and loan protection in one. This helps a loan borrower to stay relaxed in case of a financial crisis. If he is unable to pay back the loan amount on time due to some unavoidable circumstances, his loan protection insurance will take care of the loan payments. Such income protection if taken on time it will not only protect your monthly payments such as loan payments, credit card bills etc but also safeguard your collateral too. You don't have to lose your home for non payment of secured loans, loan protection cover will do the needful.

To avoid after effects of losing a job one has to make sure he has a protective insurance cover in place. If you are a sole bread winner of your house and you lose a job, think of your dependents at home. By having a protective cover you are safeguarding your dependent's lives too. You need not lose your home which is offered as a security.

You can find discounts on your insurance policy if you reach out to your existing insurance provider. He may be willing to add another insurance cover for a lesser insurance premium. With an uncertain job market, redundancy is bound to occur. Take a wise move and protect your mortgage payments!

Get all your free tips related to Mortgage Payment Protection Insurance from:

Mortgage Payment Protection Insurance

Guide to Payment Protection Policy:
Payment Protection Policy

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

The Easy Mortgage For Bad Credit Solution

By Ryan J. Taylor

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

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