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September 4, 2008
Depends on risk factors. Most importantly your LTV (loan to value) and credit rating.
Sep
4
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Horaayy..there are 5 comment(s) for me so far ;)
Depends on risk factors. Most importantly your LTV (loan to value) and credit rating.
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Depends on the mortgage balance and duration of the loan, plus your age and general health.
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agent, 21+ years
Do you mean mortgage life insurance or PMI?
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I would not waste money on a mortgage insuance policy. The longer you have it, the less it pays. That doesn't make sense. Get a basic life insuance policy instead. Then if the breadwinner dies, you can put the money to better use. Life insurance either stays the same or increases in value. Mortgage insurance is the only policy that goes DOWN in value the longer you have it.
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Yes you should buy mortgage insurance. It is basically a life insurance policy that covers the 100,000. There are many factors that determine the monthly premium. If the program is with exam usually comes out less expensive than without exam as a rule of thumb. Smoker or not makes a great difference…There are also some great riders that you can add to this policy if available in your state. I am a life insurance agent you can contact me at my email adress.
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Insurance agent.