Mortgage insurance - compensates the lender for the loss due to default of a mortgage loan
1️⃣Who pays into this product? Homeowner
2️⃣Who is the beneficiary? The bank
3️⃣Do you need it? absolutely not!
4️⃣how long do I need to keep paying the insurance for? Until the house is paid off
5️⃣What happens if I move or refinance? The premiums change and are likely to go up because of your pre-death underwriting**
6️⃣Why is it being sold to me? So the bank make money off of your premium and eventually keeps the mortgage loan money that has been borrowed. So they get both.
7️⃣What should I get instead of mortgage insurance? Term life insurance; it covers your mortgage, your child’s education tuition, any other debts, your spouse retirement and any needed time off in your untimely death
🛑what is a bank good for? A checking account to deposit your money and a basic savings account Instagram: @jordan__delorme Facebook: www.Facebook.com/jordandelorme website: www.jordandelorme.com LinkedIn: Jordan Delorme
