10 Benefits of Mortgage Insurance

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10 Benefits of Mortgage Insurance

Postby Alex Chris » Wed Sep 08, 2010 4:06 pm

1. 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.

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 home buyers with a larger down payment.

3. More down payment options. Don't let the down payment be the barrier to your home ownership dreams. There are many mortgage insurance products that will help you to achieve home ownership. 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 traditional barriers to financing. More and more homebuyers who may not have qualified for a mortgage are benefiting from mortgage insurance - for example, those who are self-employed or work 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 on an energy-efficient home. 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 if your mortgage is insured with Genworth Financial Canada.

8. Save on household purchases. When buying your first home, you'll find expenses can add up quickly.

9. Home ownership 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 home ownership.

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.
Alex Chris
 
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Re: 10 Benefits of Mortgage Insurance

Postby johnrobertusa » Thu Sep 30, 2010 7:00 am

Hi,
Mortgage insurance can mean several different types of insurance.
1.If you are purchasing a home and are requested to carry mortgage insurance this is an insurance policy that protects the lender if the mortgagee fails to pay his mortgage.It does not insurance the property or the home owner.
A mortgagee can obtain mortgage insurance when purchasing a home to insure the title of the property is clear if any problems arise while the homeowner has the home.This is a one time fee paid when the home is financed. Most homeowners do not get this type of insurance.

2.Mortgage insurance can also be mistaken to mean home owners insurance.Homeowners insurance covers the property up to a certain dollar amount and the homeowner will choose the insurance company.
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Re: 10 Benefits of Mortgage Insurance

Postby lora001 » Thu Sep 30, 2010 12:44 pm

The 10 Benefits Of Mortgage Insurance

1. Home ownership 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 home ownership.

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 home buyers with a larger down payment.

3. More down payment options. Don’t let the down payment be the barrier to your home ownership dreams. There are many mortgage insurance products that will help you to achieve home ownership. 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 traditional barriers to financing. More and more homebuyers who may not have qualified for a mortgage are benefiting from mortgage insurance – for example, those who are self-employed or work 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 on an energy-efficient home. 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 if your mortgage is insured with Genworth Financial Canada.

8. Save on household purchases. When buying your first home, you’ll find expenses can add up quickly. When insured with Genworth Financial Canada, you can take advantage of the Homebuyer Privileges program, which offers 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 Genworth Financial Canada’s Homeowner Assistance program (when insured with Genworth).
lora001
 
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Re: 10 Benefits of Mortgage Insurance

Postby Darrisaw » Thu Jan 27, 2011 5:52 am

Yes, you are right. Mortgage insurance protects your lender from excess risk when a home loan is over 80% of the purchase price. It’s temporary--in most cases, you can cancel it when your equity reaches 20%. With the protection of mortgage insurance, lenders are willing to offer loans with very low down payments -- even with no money down in some cases.
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Re: 10 Benefits of Mortgage Insurance

Postby kindred » Wed Feb 02, 2011 1:30 pm

Mortgage insurance has helped many people who have not yet saved enough cash to purchase a house, instead of waiting for years to come up with large amounts of money. The catch is, once you have the house, it no longer benefits you. The insurance is basically an additional cost to the borrower for the increased risk held by the lender. It is important to track down your payments and request cancellation of the PMI premiums when the loan-to-value ratio hits 80%.
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Re: 10 Benefits of Mortgage Insurance

Postby jazzalbart » Mon Aug 27, 2012 6:01 am

Amazing tips.. 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 home ownership.
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Re: 10 Benefits of Mortgage Insurance

Postby ZoriWser » Wed Nov 07, 2012 7:15 am

House home loan insurance plan policy has served many people who have not yet saved enough cash to buy a property, instead of looking forward to years to come up with significant amounts of cash. The catch is, once you have the property, it no longer advantages you. The plan is generally an additional cost to the consumer for the enhanced risk organized by the loaning company. It is important to observe down your costs and ask for cancellations of the PMI rates when the loan-to-value rate hits 80%.
Mortgage insurance plan defends your loan provider from unwanted risk when a home loan is over 80% of the price. It’s temporary--in most situations, you can terminate it when your value gets to 20%. With the protection of home loan insurance plan, creditors are willing to offer loans with very low down expenses -- even with no cash down in some situations.
http://dentalimplantsmanhattan.biz
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Re: 10 Benefits of Mortgage Insurance

Postby jazzalbart » Thu Nov 29, 2012 6:32 am

True Facts....If your financial situation is good and you are thinking about buying a vacation property, there are mortgage insurance options that will allow you to do so. Be sure to consult with a financial advisor about what will work best for you.
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Re: 10 Benefits of Mortgage Insurance

Postby Crispin » Thu Apr 04, 2013 6:46 am

Thanks for this valuable information..It is really helpful in every aspect..Well, it is interesting and i like it.

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