Author: thelenderguy_ft8ttp
Author: thelenderguy_ft8ttp
What is the Difference Between Private Mortgage Insurance and Mortgage Protection Insurance?
When you set out to get a mortgage of your very own, you’re likely to be bombarded with a slew of legal jargon, confusing terms, and an onslaught of numerical figures. Among the sometimes-confusing information that will be presented to you is your option to purchase one of two different insurance policies: Mortgage protection insurance (MPI) Private mortgage insurance (PMI) At the surface, these two terms seem like they should be interchangeable. But they couldn’t be any more different. In the article below, we’ll explain the differences between mortgage protection insurance and private mortgage insurance. What is Mortgage Protection Insurance?
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Why Get MPI
When you take out a mortgage for a home of your very own, the plan is to live long enough to pay it off and be able to pass the property down to a family member or sell it at some point after. But what happens if you pass away before the mortgage can be paid in full? If you’ve got a great life insurance policy, the payout might be enough to keep your loved ones in the home and financially secure. For far too many homeowners and their families, this is unfortunately not the reality of their lives. That’s
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