Tag: mortgage

Compare Life Insurance and Mortgage life insurance

Compare Life Insurance and Mortgage life insurance

Compare Life Insurance and Mortgage life insurance Mortgage life insurance: The need-to-knows Mortgage life insurance - also referred to as mortgage protection - is a type of life insurance that pays out if you die before you finish paying your mortgage, ensuring that your spouse and dependants don't need to worry about the monthly repayments. It can be called mortgage life insurance or assurance. You insure something that MAY happen, while you assure something that WILL happen. Death is of course assured, but as the question is "will you die before your mortgage is paid off?" many call it insurance, and here's what you need to know. Term life insurance vs. mortgage life insurance Both term insurance and mortgage life insurance provide a means of paying off your mortgage. W...
All About Mortgage Loans

All About Mortgage Loans

Mortgage Loans What is a Mortgage? A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire purchase price up front. Over many years, the borrower repays the loan, plus interest, until he or she owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the lender can foreclose. Applying for a Mortgage: The Steps Involved The process of applying for a mortgage loan can be a stressful. The first thing a borrower should do before going to their bank is acquire...