At My Financial Sovereignty in Austin, TX, we understand how important it is to protect your home and loved ones. That's why we offer a range of mortgage protection insurance policies to suit your needs and budget. Our policies are designed to provide you with the financial security and peace of mind you need to enjoy your home and family without worrying about the future.
What Are the Types of Mortgage Insurance?
Mortgage Insurance Premium (MIP)
MIP is required for borrowers who have a Federal Housing Administration (FHA) loan. It protects the lender in case the borrower defaults on the loan. The cost of MIP varies depending on the size of your down payment and the term of your loan.
Mortgage Protection Insurance (MPI)
MPI is an optional insurance policy that provides coverage for borrowers in case they can no longer make their mortgage payments due to unforeseen events such as job loss, disability, or death. MPI is designed to pay off the remaining balance on your mortgage, so your family can keep the house. It provides peace of mind that your loved ones will be taken care of in the event of an unexpected event.
Who Should Consider Mortgage & Home Equity Protection?
If you are a homeowner with a mortgage, then you should consider purchasing mortgage protection insurance. The policy can provide peace of mind, knowing that your loved ones will not be burdened with the financial responsibility of paying off the mortgage if you pass away unexpectedly.
Mortgage protection insurance is especially important if you are the primary breadwinner in your family, and your income is needed to make the mortgage payments. If you were to pass away, your family may struggle to make the mortgage payments on their own, which could lead to the loss of their home.
Additionally, it is a good option for those who are self-employed or have a high-risk job. If you are unable to obtain traditional life insurance due to your occupation, mortgage protection insurance may be a viable option.
Contact us today at 512-905-3764 to learn more about our mortgage and home equity protection and secure your future.