For many people, obtaining a mortgage can be a complicated process. There are payment options to consider, unfamiliar terms to learn, and legal mumbo-jumbo that needs to be understood and navigated.
And on top of all that, you’ll likely be offered mortgage insurance.
Good news: this is a simple one…
JUST SAY NO.
Mortgage insurance works by settling your mortgage balance if anything happens to you. Makes sense, right? But please know this is a poor long-term decision.
You see, over the term of your mortgage insurance plan, your premiums will stay the same in spite of your mortgage decreasing with every payment.
Say for example your mortgage is for $200,000, and mortgage insurance premiums are $20 per month. In 10 years, when that mortgage is only $120,000, your payment is still $20. In fact, it’ll be $20 right up until your last mortgage payment.
So what’s the alternative? Simple: life insurance.
Life insurance is a much more economical and versatile option. Often it has lower premiums and many more options for coverage. It just makes more sense.
Say NO to mortgage insurance, and YES to life insurance.
If you want to learn more, get in touch.
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