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Mortgage planning and insurance go hand in hand to ensure financial security and protection for homeowners. Here's how insurance fits into mortgage planning:
Home Insurance
When you buy a house, you need insurance to cover any damage to your property from things like fires, theft, or accidents. This is called home insurance. It’s important because it helps you fix or replace things if something bad happens to your house.
Mortgage Insurance
If you can’t afford to make a big down payment when you buy a house, your lender might ask you to get mortgage insurance. This insurance helps protect the lender if you can’t pay back your loan. Once you’ve paid enough of your mortgage, you can usually stop paying for this insurance.
Life Insurance
Life insurance is a policy that pays money to your family if you die. If your family relies on your income to pay the mortgage, life insurance can help them keep up with payments if something happens to you.
Disability Insurance
Disability insurance gives you money if you get sick or hurt and can’t work. It helps cover your mortgage payments and other bills if you’re unable to earn money because of an illness or injury.
Remember, having the right insurance is important to protect your home and finances. It’s a smart part of planning when you’re getting a mortgage and buying a house. Reach out to us.