Mortgage Insurance
Mortgage
Insurance
Need Insurance?
You've come to the right place.
Features
Protect investors and lenders
Flexible payment options
Mortgage Insurance can be paid in more than one way
Borrowers have the flexibility of paying in multiple ways
There is the option of borrower-paid, lender-paid and split premium insurance plans
Benefits
- You own the contract and choose your beneficiaries
-
When you buy mortgage insurance from your bank, the bank owns the contract and is the beneficiary. If you buy your mortgage insurance from an insurance company, you own the contract and can name any beneficiary you want. Your beneficiary can choose to repay the loan, pay his or her debts or use the benefit for something else.
- Your premium is fixed and guaranteed
-
The amount of mortgage insurance coverage you buy from an insurance company will remain the same for the duration of the loan… Example, you have a $200,000 mortgage and buy $200,000 in coverage that you will keep year after year. At a bank, the amount of your mortgage insurance coverage will decrease as the balance of your mortgage decreases while your premium will remain the same.
- You can convert your mortgage insurance
-
An insurance company will allow you to convert your mortgage insurance to permanent life insurance, as needed, throughout the term of your loan. If you do convert your insurance, your premium will not increase and you will not have to undergo a medical exam. The policy will remain in force until your death.
Add-Ons
- Family Rider
-
A 1-4 Family Rider is typically required for multifamily investment properties with up to four units or two-to-four unit properties that are owner-occupied. This type of rider permits the lender to collect rent from the property if you default on the loan. Any rent the lender collects goes to pay down the outstanding loan balance until the default is cured. If you pay your mortgage on time and do not default on your loan, a 1-4 Family Rider should never be an issue. If you default on the loan, the rider provides protection for the lender because it can use rental income from the property to pay the mortgage.
- Condominium, Co-Op or PUD Rider
-
This rider is required for mortgages on condos, co-ops and PUD (planned unit development) properties. The mortgage qualification requirements for these properties are different than for a single family home, as outlined in the rider. For example, to qualify for a mortgage on a condo, you are required to provide additional documents and have different insurance coverage.
- Second Home Rider
-
This rider is required for a mortgage on a second home or vacation home
© Copyright 2021 Always Assure. All rights reserved.
has been added to the cart.
View Cart
Demos
Choose one of our premium made demos and make it your own!
