mortagesandforeclosures

by Heather G. Blum

As soon as you begin to look for a mortgage, you will find yourself looking for a way to protect it. Do not be fooled into thinking that you have to get your mortgage insurance with the company that is handling your home loan. (An exception is purchase mortgage insurance, the kind the lender insists you to take out to protect them when you have a low down payment.)

Once you begin to receive offers, from lenders or insurance brokers on mortgage life insurance, have a look at all of them for the best offer.

Another really good way to make sure you are getting the best quotes on your mortgage life insurance is to shop on line. When you shop this way, it is very easy to compile a chart of costs and benefits for each policy. There may even be "online specials which are not given in person or sent in the mail. Offers you may not receive by mail or on the phone may be available on the internet.

They may even supply you with a worksheet you can employ to make your own comparisons. Just print a few copies and half the work is done for you: you just have to fill in the amounts and terms of the policies you are comparing.

Another point to shop for is the amount of coverage you can get with each insurer. Make sure you ask about combination policies. Many times, these kinds of policies turn out to cheaper per feature.

Even though this may seem like a lot of work, when you think about what is at stake and how easy it is to get confused, you will see that this is the only way. This is a long term decision, one you will be paying for over many years.

Just taking the first offer that comes up is not the wisest choice. It is important to look at one or two others to make sure they are in the same range. If you change your mind or find something better later, that will be lost funds, or you may be dangerously underinsured when the time comes that you need it. In addition, you will have the opportunity to be offered a number of different features and you can pick and choose among them.

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