M.C.D. Financial Services
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Mortgage Life Insurance
Mortgage Disability Insurance
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Want Great Rates, An Easy Application & Approval Process With Solid Companies? You Have Come To The Right Place!
Are you a new and long time homeowner who needs coverage in case of premature death? Our life insurance plans have proven very popular with mortgage holders. They are very affordable and certainly cheaper than loosing your house or having to scramble at the last minute to secure other forms of assets to stay afloat.
- Lowest Rates Possible
- Possible Exam Needed For Approval
- Expended Underwriting
- Approval Time About 2 to 4 weeks
- Life & Disability Coverage Available
- No Exam Needed
- Shorter Underwriting
- Approval Time About 2 to 3 Days!
- Life Only CoverageAnswers to some common questions
Request Your Free Mortgage Insurance Quote
Which Mortgage Life Insurance Plan is Best For You?
All plans described below have the advantage of being portable. What this means to you is that even if your lender decides to sell the loan to another lender or if you decide to refinance with another lender you WILL NOT have to re-qualify for your mortgage life insurance. Your plan will stay with you regardless of what happens to your present or future loan. This is a very important factor when deciding on which plan or company to select for your mortgage life insurance coverage. The first thing you want to avoid is having to re-qualify later for another mortgage life insurance plan each time you make changes to your loan status.
The 10 Year Mortgage Life Insurance Plan
This plan has worked well for individuals with very short mortgages or individuals who plan on paying off their longer mortgage early. Others decide on the 10 year plan because they do not feel that they will be living in their new house more than ten years and that is all they need to cover. This can actually be a mistake since even if you will not live in that same house for more than ten years, you will most likely buy another house and you will need the coverage again. In the case of an older mortgage holder (age 75+) the ten year plan may be just fine and will certainly be more affordable. In fact, some of our customers have selected this plan when they felt they needed the protection but could not yet afford the longer higher priced plans. Please remember that even if you start with the short 10 year plan, in most cases (please ask your consultant for details), you can still convert to a longer plan later.
The 15 Year Mortgage Life Insurance Plan
Our second most popular plan. This is an easy choice if you have a very common 15 year loan. As with the plan above, it is not uncommon for our clients to select this mortgage life insurance plan when they plan to pay off a 20 or 30 year mortgage early. Some older clients (65+) with 20 to 30 year mortgages will often select the 15 year plan. Also, this plan, in most cases (please ask your consultant for details), can still be converted to a longer plan later.
The 20 Year Mortgage Life Insurance Plan
By far our most popular pan. This plan is often selected because many mortgage holders have a 20 year mortgage or they will decide from the start that their 30 year mortgage will be paid off in 20 years. This plan is more popular with individuals 20-55 years of age (mostly because the rates are very low.) This mortgage life insurance plan, in most cases, is also convertible to a longer plan (please ask your consultant for details.)
The 30 Year Mortgage Life Insurance Plan
This plan is much more common today and is most popular among our younger customers (20-49 years of age.) Our customers have enjoyed the very low payments and the peace of mind of being covered for the full length of their mortgage. Some individuals have selected the 30 year plan although they only had a 20 or 15 year mortgage to be prepared and covered for their next mortgage at an already low rate (smart move!)
The 25 Year Mortgage Life Insurance Plan
No, this was not a mistake. We placed the 25 year plan last for a reason. Although available to individuals who must have a plan that will cover them for 25 years, no more or no less, we do not recommend this plan at all. We actually consider it a hybrid of the 20 and 30 year mortgage life insurance plans and we still wonder why it is still available (again, maybe it is for the die hard individuals who feel they must have it.) Why don't we recommend it? To put it simply, it has been overpriced against the 30 year plans everytime. Why in the world would someone want to pay more for a 25 year plan when the 30 year plan is cheaper? That is beyond any sense, but if you must have it, we have it available! (by the way, the five year plan is also available but has the same negative issues and more.) request a quote
Mortgage Insurance With the Cash Back or Money Back Option !
The cash back option on mortgage life insurance has been a very popular addition for loan holders. It is simple to understand and very cost effective in most situations. DO NOT MISS OUT ON THIS OPTION WHEN REQUESTING YOUR QUOTE OR APPLYING. THE SMALL ADDITIONAL COST CAN BE WELL WORTH IT!
The Full Refund Feature
Our customers have enjoyed the obvious benefit of cash back. Meaning that if you do not use your mortgage life insurance, you are entitled to a full refund of all premiums paid at some point in the future (please ask for details.) For example, if your yearly payment on the mortgage insurance is $300 and you hold the insurance for the the 30 year period you would be entitled to a full refund of all premiums paid. In this case the refund to you from your mortgage life insurance would be $300 x 30 years = $9,000. Not a bad deal at all. Believe me, you cannot achieve the same results if you were to invest the money somewhere else and selected a no refund mortgage life insurance plan (unless of course you are Warren Buffet and you can get a 5,000% return on your investment every year!)
Other Benefits Of The Cash Back Plan
Is Mortgage Life Insurance Worth It?
If you go to work daily to provide your family with a nice home and a future, you know you make sacrifices. As one client shared with us, "Paying a mortgage involves sacrifice." When one spouse is away at work, the children and the other spouse sacrifice by the absence of the working spouse. Where both spouses work, the children sacrifice doubly.
What if you weren't around, permanently? When death leaves an unfunded mortgage and requires a move, stress is born by children uprooted from school and neighborhood friends. It is born by a spouse who, on top of the relentless stress of modern life and the shocking stress of losing a partner and best friend, may have to sell the family home in a buyer's market.
When everyone lives, mutual sacrifices tend to balance out and drift away over time. However, suddenly, if you were to die today, one way to lessen some of the sacrifice your family is making is to provide them with a debt free home. Homeowners traditionally use one of two types of protection in such cases. One is life insurance to pay off a mortgage. The other is an actual mortgage protection policy.
One type of mortgage protection policy reduces its death benefit as your mortgage is reduced. Though you are aging, your premiums remain level because the death benefit is decreasing with your mortgage.
One drawback to such protection with the lender as beneficiary is the death benefit goes to the lender. Maybe interest rates are hovering at a rate where it would be better to invest the money in safe, U.S. Government securities?
This result can be avoided by using level term life insurance to retire a mortgage. With such policies you can name a non-lender beneficiary who can use the proceeds in the most financially suitable way.
Drawbacks occur here too. One is when mortgage indebtedness is less than $100,000. Few term life policies offer a minimum death benefit below $100,000, and below this amount almost none offer good value in the cost to coverage ratio. That is why often we will quote you $100,000 coverage for a mortgage under $100,000. It is just more cost effective.
Please allow one of our qualified mortgage life insurance specialists to assist you in obtaining the information you want so you can make an informed decision. With one free phone call or by clicking on the icon below you can take the first step toward leaving a clear title to your home.
Using modern technology and traditional service we provide you with all the information you need to make the right decision for you. request a quote
Private Mortgage Insurance (PMI) is a type of insurance that helps protect the mortgage company against losses due to foreclosure.
Private Mortgage Insurance is provided by private mortgage insurance companies and allows your bank or other mortgage companies to accept lower down payments than would normally be allowed (usually 20% of total loan.)
Private mortgage insurance also enables mortgage companies to grant loans that would otherwise be considered too risky to be purchased by third party investors like the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC).
The ability to sell loans to these investors is critical to maintaining mortgage market liquidity, which in turn, allows mortgage companies to continue originating new loans. request a quote
Insurance Companies And Their Ratings
The insurance companies we select have to be high rated before we will quote them. It is always recommended that you also check into the insurance company you are considering. The top rating rating agency to consider is A M Best and Standard - The leading insurance rating agency. Click Here For More On AM Best Ratings
As you will often read in leading business publications, although a financial rating is very important it is not the only factor in selecting a strong company. The company history and potential for growth is very important. Our customers have enjoyed the peace of mind to know that we only represent high rated companies.
M.C.D. Financial Services Pittsburgh, PA