MPI vs. PMI- What's the Difference? Stevensville MD

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Mortgage Protection Life Insurance---wait....What???

No one buys insurance because it's fun.  You buy it because you already have enough worries in your life.  Mortgage Protection Insurance MPI secures your home for your family.  Anyone who has a mortgage needs to protect it somehow.  Otherwise, you may risk losing your home should there be a death or disability in the family. 

First, I wanted to clarify what Mortgage Protection Insurance MPI is not.  I don't want you to confuse this with PMI- Private Mortgage Insurance.  PMI is what is required by your bank or lender if you are not able to make a down payment (typically 20%) when purchasing or building a new home.  If your down payment on a home is less than 20 percent of the appraised value or sale price, your lender will require you to get mortgage insurance. A mortgage insurance policy protects your lender in case you default on the payments. As a borrower, you pay the premiums, and the lender is the beneficiary. It has nothing to do with disability, job loss, or death.  It just pays the bank if you're foreclosed on.

Mortgage Protection Insurance, or MPI is simply life insurance that pays your mortgage if a certain event, such as death, disability or job loss occurs.  The cost of this insurance depends on factors such as the amount of your mortgage, your age and your health.  

This insurance can be planned out to provide the following important benefits:

• Pays off your mortgage in the event of death
• Pay a monthly income directly to you in the event of a disability
• Pays a Refund of ALL Premiums at the end of your mortgage
• Pays an additional benefit for Acccidental Death.

So, take this important step NOW to protect your home and family with a Mortgage Protection Life Insurance Policy.  I love helping you and your loved ones to find a house to call your home.  I would like to know that you are protected as well as your family if something were to happen to you.  If nothing else, imagine the peace of mind you will have.  Contact me today to get you in touch with areputable agent that can help you.  

My name is Lisa Longest and I work for Exit Gold Realty.  I specialize in Stevensville Md and surrounding cities here on Kent Island.   My goal is to work with people to help them build the lifestyle they want. I help them make decisions that will change their lives for the better. So feel free to contact me to get more information on homes for sale in the Stevensville or surrounding cities, or help you sell your existing home, at 443-786-4200