Understanding Mortgage Insurance

Mortgage insurance is one of those things that many homeowners pass by, simply because they are unwilling to add any additional cost commitment to their financial output. Mortgage insurance may not be the right option for every home buyer, but it is something that all individuals should learn about and consider carefully.

Mortgage insurance can offer protection during financially unstable times, and help get financing in the hands of those that might not qualify for more conventional options. To learn why mortgage insurance might be a good option for you, review these 10 benefits:

1. HOMEOWNERSHIP ON YOUR TERMS

With the right preparation and resources, you can buy a home that best suits your lifestyle. Mortgage insurance provides you with innovative options to help get you into homeownership.

2. BE ELIGIBLE FOR A BETTER INTEREST RATE

Mortgage insurance provides a lender with the flexibility to offer you the same competitive mortgage interest rates available to homebuyers with a larger down payment.

3. MORE DOWN PAYMENT OPTIONS

Don’t let the down payment be the barrier to your homeownership dreams. There are many mortgage insurance products that will help you to achieve homeownership. Let’s discuss the options that suit your situation best.

4. BUY INSTEAD OF RENTING

If you’re paying rent right now, it can be a good move to consider buying a home that has similar monthly carrying costs. You’ll enjoy the freedom of making your living space into your own home with your personal touch.

5. OVERCOME BARRIERS TO FINANCING

More and more home buyers who may not have qualified for a mortgage are benefiting from mortgage insurance — for example, those who are self-employed or rely on commission. With mortgage insurance, people who have good credit but might not meet conventional lending criteria can qualify for the financing they need.

6. OWN AND ENJOY A VACATION PROPERTY

If your financial situation is in good standing and you are thinking about buying a vacation property, there are mortgage insurance options that will allow you to do so. Be sure to ask us about what will work best for you.

7. GET MONEY BACK

If you purchase an energy efficient home or refinance an existing home to make energy-saving renovations, you could be eligible to receive a 10% refund on your mortgage insurance premium.

8. SAVE ON HOUSEHOLD PURCHASES

When buying your first home, you’ll find expenses can add up quickly. When insured, you can take advantage of savings on appliances, truck rentals, home-improvement materials, moving supplies, and more.

9. TAKE IT WITH YOU WHEN YOU MOVE

If you have a mortgage that’s portable, you can transfer its terms to a new property in the future. This same option is available when you buy mortgage insurance, which can save you premiums when you move.

10. GET HELP WHEN YOU NEED IT

Whether from a job loss, a serious illness, or a marriage breakup, financial difficulties can arise when you least expect them. You can be sure to get the help you need to keep you in your home with a Premiere Mortgage Professional. Be sure to inquire about the benefits of this program.