03/29/2022
👉 Do you know the difference between Private Mortgage Insurance (PMI) and Mortgage Protection Insurance?
If you don’t that’s why I am here, and if you thought they were the same thing, you are not alone!
in fact It's not uncommon for homeowners to mistakenly think that PMI will cover their mortgage payments if they lose their job, become disabled, or die. But this belief isn't correct. PMI is designed to protect the lender—not the homeowner. On the other hand, mortgage protection insurance 𝐖𝐈𝐋𝐋 cover your mortgage payments if you lose your job or become disabled, or it will pay off the mortgage when you die.
𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐴𝐾𝐴 𝑃𝑀𝐼 will reimburse the mortgage lender if you default on your loan and your house isn't worth enough to repay the debt in full through a foreclosure sale. It is required on a loan if you don’t put 20% down. In a nutshell the ONLY party benefiting from it is your Lender! 👎
𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐴𝐾𝐴 𝑠𝑜𝑚𝑒𝑡ℎ𝑖𝑛𝑔 𝐼 𝑎𝑚 𝑆𝑈𝑃𝐸𝑅 𝑝𝑎𝑠𝑠𝑖𝑜𝑛𝑎𝑡𝑒 𝑎𝑏𝑜𝑢𝑡, is there to protect you and your loved ones when you need it the most! This insurance typically covers your mortgage payment for a certain amount of time if you lose your job or become disabled, or it pays it off when you die. Unlike PMI, it protects YOU the borrower! 🙌🏻
👉 Want to learn more about this amazing insurance and how you can ensure your loved ones are protected when they need it the most? Call me or message me today and let’s chat!
