Mortgage Insurance  Instant Issue No Exam

 

**Term Life Ideal for Mortgage Insurance is also available at Preferred Rates with an Insurance Physical.  For further Information              Click Here.

 

Q: What is Private Mortgage Insurance?

A: Don't Mistake PMI for Mortgage Insurance. The terms are very similar, but actually insure to completely different things.

PMI on your loan is Private Mortgage Insurance to indemnify your Lender should you fail to make your mortgage payments as agreed. PMI helps you into home ownership with little, or no money down. It is usually required by your lender if the loan on your home will exceed 80% of the appraised value. It does not prevent the loss of your home from foreclosure and does not pay off your mortgage in the event of your death or disability.

Government Home Guaranty services like VA Loan programs, or FHA loan programs are also "insurance" programs that help you into home ownership with little, or no money down. They do not protect against the loss of the home when the loan cannot be repaid because of the death, or disability of the homeowner.