Refinance with Mortgage Protection for Total Peace of Mind

As interest rates hit a record low, many Americans are
taking advantage of this window of opportunity to refinance their home
mortgages and save money. According to a Freddie Mac report, the average rate
on a 30-year fixed mortgage dropped from 3.31% – a record low set in November
of 2012 – to 3.29% in early March, a figure that many may never see again in
their lifetimes. 

This historic drop in interest rates now makes it possible
for some 13 million Americans to save a great deal of money over the life of
their home mortgage by refinancing their home loans. Interest rates on many
current loans could drop as much as 75 basis points, according to a report
published by Black Knight, a leading independent mortgage data and analytics
company. 

This means that there’s no better time than the present to
refinance your home mortgage to alleviate financial pressures and plan a
brighter future for your family.  In
fact, solicitations for refinancing have reached levels that have not been seen
since 2009, rising at a rate of about 79% weekly, which represents the largest
increase in refinancing applications in over 10 years.

How can I protect my home and family in uncertain times?

While refinancing your home mortgage is a smart move when it
comes to saving money, there is still the problem of making sure that every
mortgage payment is made on time, in order to maintain those great new interest
rates and ensure that your family and home are protected from unforeseen
circumstances.  Given the current
volatility of the national economy, even if you do refinance, there is no
guarantee that you will remain fully able to produce enough income to make full
mortgage payments monthly.

If you are like most Americans, your home is probably the
most expensive, important, and essential asset that you own, and one that
demands a sizeable percentage of your income every month. This naturally raises
the question of what would happen if you were unable to produce that income every
month.

Who would pay your mortgage payments in the event of a
tragedy, injury, illness, or unexpected loss of income?

Would your family be able to continue making the monthly mortgage
payments on time, in order to keep the family home if you were to lose your
income?

If you worry about a scenario such as this one, mortgage
protection insurance can provide protection and peace of mind for you and your
loved ones. 

How does mortgage protection insurance work?

Mortgage protection insurance essentially protects you and your family in the event that the family could not make regular mortgage payments due to a death or critical illness diagnosis of a primary breadwinner. Mortgage protection insurance would provide your chosen beneficiary with a sum of payments equivalent to the cost of the mortgage. This ensures that your family can remain in their home without worrying about how to pay each month’s mortgage payment.

In order to make your mortgage protection coverage even more
comprehensive, you may choose to add on policy riders that cover specific
circumstances. Riders can modify the policy so it kicks in if you should be
injured, disabled or diagnosed with a serious illness that prevented you from making
your monthly mortgage payments. These riders typically cost a bit extra, but extra
layers of protection on your policy can further benefit your loved ones in
various types of scenarios.

How can I purchase mortgage protection insurance?

The first step to take is to contact a Symmetry Financial Group agent in your area.  Symmetry Financial Group, the nation’s leader in insurance marketing, provides a broad selection of insurance products sourced from 30 of the nation’s top insurance carriers.  A Symmetry Financial Group agent can help you to select the perfect mortgage protection policy for you, based on your needs, lifestyle, budget, and financial goals.

Mortgage protection insurance is among the easiest types of
insurance to purchase because it is easy to qualify for, with one of the
highest acceptance rates across all insurance carriers. Rates for mortgage
protection insurance are typically based on your home’s market value and the
policy payoff amount, but will also take into account such factors as your age
and overall health status at the time you submit your application for
coverage. 

While rates for mortgage protection insurance may be slightly
higher for older adults, it is still possible to qualify for this protection
later in life. Additionally, most mortgage protection plans come with
simplified underwriting, which means that the majority of applicants will not
be required to undergo a medical exam in order to qualify for coverage. Even
for individuals with pre-existing financial conditions that would render them
ineligible for other types of life insurance, mortgage protection insurance may
be an option thanks to the simplified underwriting process associated with this
type of policy, which makes it accessible to more people. 

Mortgage protection with refinancing

If you have already purchased mortgage protection insurance
and you do decide to refinance your mortgage, your policy will have to be
modified based on the terms of your new mortgage agreement.  In this case, you should update your policy
and coverage to reflect your new mortgage amount and possible adjustments to
the value of your home if it has changed since the original policy.

If you are the head of household or your family’s primary provider, it is essential that you update your mortgage protection policy at the time of refinancing to ensure that your family is protected in the event that you become incapable of making the mortgage payments at any time in the future. To update your current policy, contact your Symmetry Financial Group agent. They will help you to review your current coverage and make the necessary modifications to update your policy.

At Symmetry Financial Group, knowledgeable agents are able to shop around on your behalf in order to find the most suitable policy that best fits your specific budget, lifestyle, and goals. And the best thing is that you can purchase or modify a life insurance plan from the comfort of your own home!  Symmetry Financial Group offers video conference policy reviews, making it easier than ever before to purchase mortgage protection insurance and peace of mind.

To learn more about how mortgage protection coverage can protect your home and family from circumstances that could prevent you from making those essential mortgage payments every month, contact a Symmetry Financial Group agent in your area today!

By filling out this short form, you will be connected with
an agent in your area that can help you select the most suitable mortgage
protection policy to protect your home and family.