Advantages and Disadvantages of Mortgage Life Insurance

Mortgage insurance is a kind of insurance product that aims at paying your mortgage payments during some specifically mentioned critical conditions of life. Mortgage life insurance unburdens all the mental tensions of paying any mortgage payments in the events of loss of job, during disability or death of the insured. This kind of financial security is very protective for the family in which insurance company will pay for the beneficiaries and the family can live in their home peacefully.

Pluses of Mortgage Life Insurance:-

1. Mortgage life insurance policy works like when something unfortunate happening, the mortgage insurance company’s policy will pay your monthly repayments and other home insurance cost of mortgage.

2. The claim is reimbursed after a waiting period of the specific mortgage insurance policy.  The benefits continue till you get back to work, depending on the policy’s term and conditions and around 1-2 years which ever is earlier.

3. The insurance benefit covers the monthly mortgage repayments and the insurance premium of things like home loan, critical illness and life insurance.

The Minuses of Mortgage life insurance are:-

1.    Nothing is paid earlier than the time period mentioned in the policy documents. If something very bad happen before the stipulated time, the insurer has to manage on their own and no financial assistance will be provided from the life insurance company.

2.    You pay more to the less coverage for the years and you won’t get the benefits at the end of the policy plan even if you live longer life.

3.    You can get the lower rate mortgage life insurance plan if the company finds BP, cholesterol or another health problem then the premium turns high which becomes difficult to pay and if you chooses some other insurance company, you won’t get the policy because mostly the insurance companies share this information using MIB codes.

4.    The monthly premium remains fixed throughout the policy period even the insurance covers reduced with time.

While opting for any Mortgage life Insurance, do some homework, clear out your doubts with the insurance agent, don’t shop for policy plan by not so transparent financial product information of insurance agent. The mortgage life insurance coverage should be according to your need during any above mentioned bad events of life.

We understand your forensic loan auditor needs and are specialized in the research and analysis needed to provide attorneys and loan modification companies. A Certified Forensic Loan Auditors can easily meet your Forensic Loan Audit needs. Feel free to get more information on Forensic Audit and Certified Forensic Loan Auditors Andrew Lehman at http://www.certifiedforensicloanauditors.com

The Importance of Loan Audit

People often come in the sweet diplomatic tactics of lenders and become victim to the dubious and fake agreement of these loan lenders. In fact, mostly these lending businesses are fair and honest but still some doubtful lending service provider needs attention on borrower’s end. People become victim to these cheaters when you are in bad financial phase. A loan audit team is a bunch of professionally qualified in finance and legal studies.

A loan Audit is an important measure in getting fair and lawful agreement for availing any loan deal. They carefully examine the mutual agreement between the borrower and lender. Loan audit team properly looks on each and every document signed between both the parties. Being professional, they easily unwrap the whole fraud which your lender has done to you during the deal and the violation of federal laws.

There are many substantial points, not having attention on those, can ditch the borrower.  First one is the breach of contract between lender and borrower. In this case the lender breaks the agreement. Secondly the loan lender does not show the transparent terms and conditions of agreement like penalties and various other financial knots before lending the loan. Thirdly the borrower due to less knowledge becomes their target of false information due to the lender’s self interest of business transactions.

The loan audit team will surely make an eye on those payments which you are unnecessary paying from your pockets rather you have to pay much less of what the lenders are making compulsion. All the lending laws which make your deal with the lenders are thoroughly accessed by the loan audit professionals to issue a report for recovery of any damages due to violation of loan deal laws.  The loan audit team gives special preference to consumer protection laws so that the  lender do not get any chance of arguing that the borrower do not understand the agreement and lending policy or any other excuses.

Go for any deal of this kind with all your wide open eyes as these lenders are not actually helping you out rather making their own money. Beware of these loan frauds and must approach to loan auditors for making authentic loan deal.

We understand your Certified Forensic Loan Auditors and Andrew Lehman needs and are specialized in the research and analysis needed to provide attorneys and loan modification companies. A Certified Forensic Loan Auditors can easily meet your Forensic Loan Audit needs. Feel free to get more information on Forensic Audit at http://www.certifiedforensicloanauditors.com

Article Source : http://certifiedforensic.blogspot.com/2011/06/loan-auditors-best-consultants-while.html

Mortgage for a home loan-Benefits and risks

Building a home of yours dreams is not a child’s play. With every day increasing home loan interest rates, it becomes very tough to pay all the monthly installments regularly for several years. Mortgage or in simple words the bank will claim your home if you become defaulter and not able to repay the amount sanctioned to you properly in time. Mortgage could be a way out in financial crisis to pay the down payment and other EMIs to prevent any financial stress.

There are many benefits and risks involved while mortgaging the home. This crucial step can make or break the whole plan of building brick by brick, the house of your dreams. So be careful while going for mortgage. Let’s have a brief look of pros and cons of mortgaging.

The available home loans mortgages mainly are adjustable rate interest-only and fixed rate interest-only loans. The monthly adjusted mortgages are quite popular and are in two options, one is for five to six years period and the other is for ten years interest payment period, in both of these payments, the interest rate payment is paid for the specific time period say, 5 or 10 years. After that the payment period is again calculated. The total payment is concluded by the indexed interest rate. Another type of mortgage is negative amortization mortgage. In this case, there is increase in debt when there is insufficient monthly payment to cover all the dues and the balance increases at least in first few years.

These mortgages are best suited   for those living in the posh areas where the prices are very much high.  People with irregular income can go for this option. The shortcoming of this option is that people lives on the belief that the price of their property will increase and this will strike down the mortgage principal balance value and will fall prey to these unpredictable fluctuations. Borrowers who feel their hands tight now but sure of increase in income in near future can avail this facility.

So the gist of the whole mortgage lies in the fact it needs a wide view of all the trustworthy factors  and knowing properly what exactly you need to  get all the benefits and  no fear of loosing the home and finally  fulfilling your dream-a beautiful home.

We understand your forensic loan auditor needs and are specialized in the research and analysis needed to provide attorneys and loan modification companies. A Certified Auditor can easily meet your Forensic Loan Audit needs. Feel free to get more information on Forensic Audit at http://www.certifiedforensicloanauditors.com

Article Source : http://www.gospelville.org/community/blog/view/id_252025/title_Mortgage-for-a-home-loan-Benefits-a nd-risks/

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