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If you lost your job today, how would your family pay your mortgage tomorrow?
Today’s Concerns In the Current Housing and Lending Market:
For today’s homeowners, there are still concerns on how to protect their homes in the event of death and/or loss of job. With equity, credit and savings reduced, what would be your plan if you died suddenly? What resources would your family have to pay off the mortgage? How would the mortgage be paid if you were unemployed or disabled? With the present economy, what is your family’s plan to prevent losing your home?
Mortgage Protection Insurance is an option which can be used to eliminate these uncertainties. Your NAA insurance agent can assist you in explaining and finding the options that are affordable and fit into your monthly budget. Let you NAA insurance agent review your specific insurance needs and develop a plan which suits your unique situation. Our goal is to protect your family in the time of loss. This protection should be affordable and sustainable with your monthly budget.
Don’t be confused with PMI vs. Personally-Owned Life Insurance
PMI is a certain type of insurance policy from a bank or mortgage company in which you pay a fixed premium for a certain number of years to cover the risk of foreclosure. Should something happen to you while the policy is in effect, the insurance pays the remaining mortgage. The loan typically lasts for the life of the mortgage. As you pay off your mortgage, your end benefit goes down, too. At the end of the policy, the benefit is zero.
Personally-owned life insurance offers a different option. Essentially you pay the premiums, and your family gets the money — and the right to decide what to do with it. Also, personally-owned life insurance is portable. This means if you move in a few years, you won't have to replace your insurance. This can save you a great deal of money since insurance rates usually increase as you get older.
For more information, also see Four Tips for Protecting Your Investment.
Your NAA insurance agent offers a variety of insurance products that can help ensure your family's financial security — even after you've gone. Mortgage protectors include permanent life insurance, term life insurance, or a blended product. If purchased in an adequate amount, the death benefit can be used to help retire the mortgage as well as help your family solve other financial concerns.
For additional information, contact your NAA insurance agent