Refinancing Your Home? Don't Forget Mortgage Protection Insurance
Are you one of the many Americans refinancing their mortgage as rates reach record lows? The average rate on a 30-year fixed mortgage fell to a record low of 3.29% in early March, according to Freddie Mac. That’s below the previous low of 3.31% in November of 2012. This makes it a great time to refinance your mortgage, as rates may not be this low again during our lifetime.
Mortgage refinancing is on the rise
The recent rate drop means that nearly 13 million borrowers can now save money by refinancing their home loans and lowering their current rates by at least 75 basis points, according to Black Knight, a mortgage data and analytics company. Also during this time, refinancing applications reached their highest level in nearly 11 years, and jumped 79% week over week, the largest leap since November 2008.
Are your mortgage payments protected in the event of a tragedy or unexpected income loss?
Like many people, your home is most likely the most important and most expensive thing you own, and a good chunk of your income probably goes towards paying the mortgage every month.
That leads to the question, what would happen if you or your loved one’s income wasn’t available? Would your family be able to continue making the mortgage payments, so they wouldn't have to be uprooted? This is where mortgage protection insurance can provide financial protection and peace of mind. Mortgage protection insurance is designed to cover mortgage payments if you were no longer able to so that your loved ones could stay in the family home without worrying about how to come up with the next month's mortgage payment.
If you already have mortgage protection insurance, fantastic! Keep in mind that if you are refinancing, you should update your coverage to reflect the new mortgage amount that you have. If you are the primary breadwinner, it’s critical to update your coverage to make sure that your family is protected. If you need to get in touch with your Symmetry agent to review your current coverage, you can give them a call or contact us today.
Do I qualify for mortgage protection insurance?
Mortgage protection insurance rates are competitive and based on the value of your home and payoff amount as well as your age and health at the time you apply for coverage. This type of insurance is easy to qualify for and has one of the highest acceptance rates among insurance carriers. Even for someone who has pre-existing conditions that might make them ineligible for life insurance, a simplified underwriting process makes mortgage protection more accessible.
Age is also not a barrier, as you can still qualify for this insurance later in life (just keep in mind you might pay higher premiums). Since most mortgage protection plans are offered with simplified underwriting, you generally won’t need to pass a medical exam to qualify for coverage. This means that you won’t have to spend all that time at the doctor’s office to get the coverage you need.
Policy riders provide another layer of financial protection
Additionally, you can add on policy riders that would allow the policy to kick in if you became disabled or were diagnosed with an illness that prevented you from making your payments. These riders would cost a little extra, but they add on another layer of coverage that can further support your loved ones in the event of a tragedy.
Protect your most valuable asset + gain peace of mind
If monthly mortgage payments are something your family would be unable to face on their own, mortgage protection is an ideal option. With mortgage protection insurance you can rest easy knowing that you’ve prepared for the worst to ensure that your family and home are protected.
Your Symmetry agent can shop around to find the best policy for your budget and needs
To learn more about the benefits, features, and options available with mortgage protection insurance, contact the experienced insurance professionals at Symmetry Financial Group. We'll work closely with you to determine which products might best meet your needs from our network of more than 30 well-known insurance carriers to find coverage options that will protect your loved ones while staying within your budget.
With video conference policy reviews now available, getting mortgage protection insurance is easier than ever before. Fill out this short form and we’ll connect you with an agent in your area who can provide the best-fitting policy options for your needs.