What Type of Home Insurance Pays Off a Mortgage?
There are 2 main types of insurance which pay off a mortgage, lender required and borrower desired. It's important to understand the difference between these two because they serve two very different purposes.
Lender Required Mortgage Insurance
A lack of equity position in a home loan is what drives the need for required mortgage insurance. To remove required insurance when purchasing or refinancing a home most lenders require that the borrower must place 20% down payment (equity) on the home. This insurance IS NOT A BENEFIT FOR ...
8 Critical Times In Life You Need Life Insurance
Seems where life insurance is concerned that many simply don’t understand when do you need it the most? It’s a question I’ve been asked many times in the past and present and while I usually address that question based on where someone is at...
What Is GAP Insurance and Is It Worth Buying?
So, what is GAP insurance anyway? Guaranteed Asset Protection insurance - GAP like it sounds, covers the gap or difference between what is owed on an auto, rv, boat etc. and what the insured value at time of loss is. Consider this example: You ...
