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 MORTGAGE INSURANCE : Wich plan is the best for you? |
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All Plans Are Very Low Priced And Can Work For Any Mortgage!
All plans described below have the advantage of being portable. What
this means to you is that even if your lender decides to sell the loan
to another lender (see buying insurance through
a lender) or if you decide to refinance with another lender you
WILL NOT have to re-qualify for your insurance. Your plan will stay
with you regardless of what happens to your present or future loan. This
is a very important factor when deciding on which plan or company to select
for your Mortgage Insurance coverage. The first thing you want to avoid
is having to re-qualify later for another plan each time you make changes
to your loan status.
The 10 Year Plan
This plan has worked well for individuals with very short mortgages or
individuals who plan on paying off their longer mortgage early. Others
decide on the 10 year plan because they do not feel that they will be
living in their new house more than ten years and that is all they need
to cover. This can actually be a mistake since even if you will not live
in that same house for more than ten years, you will most likely buy another
house and you will need the coverage again. In the case of an older mortgage
holder (age 75+) the ten year plan may be just fine and will certainly
be more affordable. In fact, some of our customers have selected this
plan when they felt they needed the protection but could not yet afford
the longer higher priced plans. Please remember that even if you start
with the short 10 year plan, in most cases (please ask your consultant
for details), you can still switch to a longer plan later.
The 15 Year Plan
One of our most popular plan. This is an easy choice if you have a very
common 15 year loan. As with the plan above, it is not uncommon for our
clients to select this plan when they plan to pay off a 20 or 30 year
mortgage early. Some older clients (65+) with 20 to 30 year mortgages
will often select the 15 year plan. Also, this plan, in most cases (please
ask your consultant for details), can still switch to a longer plan later.
The 20 Year Plan
By far our most popular pan. This plan is often selected because many
mortgage holders have a 20 year mortgage or they will decide from the
start that their 30 year mortgage will be paid off in 20 years. This plan
is more popular with individuals 20-55 years of age (mostly because the
rates are very low.) This plan, in most cases, is also convertible to
a longer plan (please ask your consultant for details.)
The 30 Year Plan
This plan is much more common today and is most popular among our younger
customers (20-45 years of age.) Our customers have enjoyed the very low
payments and the peace of mind of being covered for the full length of
their mortgage. Some individuals have selected the 30 year plan although
they only had a 20 or 15 year mortgage to be prepared and covered for
their next mortgage at an already low rate (smart move). |
