What happens if you buy a home and later lose your job? Mortgage unemployment insurance comes to the rescue!
You should feel confident when making your decision to purchase a home. But if fearing an unexpected job loss is holding you back, today you can reconsider.
We use Radian Guaranty as one of our vendors, and they have a benefit that gives mortgage unemployment insurance in case you lose your job.
Want to know the best part of all? You get this benefit at no additional cost with our mortgage loans when the mortgage insurance is issued by Radian Guaranty. This feature that Radian provides is called MortgageAssure.
MortgageAssure is a benefit for all eligible 95.01% to 97% LTV loans that helps you make your mortgage payment in case you unexpectedly lose your job.
What are the details of this mortgage unemployment insurance?
- Coverage up to $1,500 a month (including principal, interest, taxes and insurance)
- A maximum protection of up to $9,000 during the coverage period
- Coverage up to six monthly mortgage payments, although it does not have to be consecutive
- This benefit is effective for up to two years starting from the opt-in date.
How does mortgage unemployment insurance help you as a homeowner?
There are additional advantages of having this mortgage unemployment insurance other than giving you a peace of mind when buying a home.
- This helps protect your credit by keeping your mortgage payment up to date and not late.
- Your home is your biggest financial investment, having your payments current helps you keep it.
- A lot of people would prefer not tapping into their emergency savings, retirement or college funds to make their mortgage payment. This benefit prevents you from going that route.
- This benefit puts you at ease to find another job so you're not solely thinking about how your are going to make this month's mortgage payment.
Who is eligible for MortgageAssure?
This benefit is for all eligible 95.01% to 97% LTV loans when the mortgage insurance is provided by one of our preferred vendors Radian Guaranty. Don't let your fear of economic uncertainty stop you from buying your dream home today.
If you have any questions about this mortgage unemployment insurance when buying a home, contact one of our mortgage experts today.
2018 Radian Guaranty Inc. MortgageAssure is a trademark of Radian Guaranty Inc. Involuntary unemployment coverage is underwritten by a third party insurer and is subject to terms, conditions and exclusions set forth in an applicable
insurance policy and which are not fully stated herein.
As a condition of coverage, all eligible borrowers must visit www.mortgageassure.com and register before the applicable registration deadline.
All information is accurate as of the date of printing and subject to change without notice. Product may not be available in all states and may be modified or withdrawn without notice.