Job-Loss Mortgage Insurance

Many borrowers don’t know about an added benefit they can get if they have mortgage insurance.  Some  mortgage insurance providers also offer Job Loss Protection as part of your policy!

Each  mortgage insurance provider may have different guidelines so be sure to check your policy, but as an example here are Radian’s MortgageAssurance program:

• up to six monthly mortgage payment, no required to be consecutive
• a monthly benefit up to $1,500
• total protection of up to $9,000 during coverage period
• two years of coverage beginning on loan closing date

There are qualification requirements, for instance with Radian’s MortgageAssurance program:

• home must be primary, owner occupied, single family
• 95.01-97% loan to value
• at least one borrower not self employed

If you are getting mortgage insurance when you finance your home be sure to ask about Job Loss Protection.   It could save you some money when you most need it!