A Mortgage life insurance, also known as mortgage protection insurance, pays out a lump sum which is sufficiently large to pay off the outstanding debt if you die before the end of the mortgage term. Unlike buildings insurance, which lenders do insist you take out, it is not normally a definite requirement that you take out this sort of life insurance. So provided you pass your lender’s affordability test, your lender will still lend you the money whether you have a life policy or not.
If you are buying property on your own and have no dependants, you don’t need mortgage protection insurance, because if you died the property could be sold to pay off any outstanding mortgage. If, however, you do have a family whose home the property is and who could not afford to pay the mortgage without you, then you should consider taking out a policy.
You are right in thinking that your high BMI will affect any life insurance application, but it doesn’t necessarily make obtaining cover impossible.
According to the Special Risks Bureau, which specialises in finding cover for people regarded as high risk, including those with a high BMI, if your BMI is within an insurer’s standard minimum and maximum levels (which vary from insurer to insurer), your weight is not likely to affect your application. However, if your BMI is under or over these levels you are likely to see an increase in the cost of the polic
Why 2019 is a good time to consider a refinance
Current mortgage rates are holding low, and they’re expected to stay that way through the rest of 2019.
Even if you missed August and September’s near-record lows, it’s likely not too late to secure a world-class mortgage rate.
Consider this: According to Freddie Mac’s records, interest rates for a 30-year fixed mortgage averaged 4.7% for the week of September 27, 2018.
For the week of September 27, 2019, they averaged about 3.6% — a full percentage point lower.
Dropping your rate by just 1% now could put more than $12,000 back in your pocket over the next 10 years.
Dropping your rate by just 1.0% puts about ten percent of your mortgage payment back into your pocket each month.
That means for every $1,000 you pay to your lender today, you could reduce your payment by $100.
That’s $12,000 saved over the next 10 years — simply by doing a refinance.
More than 11 million homeowners stand to save by refinancing — even some who are underwater
Thanks to today’s low rates, more than 11 million homeowners stand to shave at least 0.75% off their mortgage rate by refinancing, according to a recent report by mortgage analytics firm Black Knight.
Many homeowners have already leaped at the opportunity.
In fact, a survey of The Mortgage Reports readers showed that the number of people looking into a refinance was up by 458 percent between August 2018 and August 2019.
Homeowners who are “underwater” — meaning they owe more on their home than it’s currently worth — have options to take advantage of 2019’s low rates, too.
Fannie Mae’s high loan-to-value refinance might be a good option for homeowners looking for a lower rate, but who owe too much on their home to meet traditional lending requirements.
Fannie Mae’s program replaces government-sponsored programs like HARP, which expired in 2018, and FMERR, which is set to expire at the end of September 2019.
If homeowners can drop their rate, there are few reasons not to refinance in this
Why 2019 is a good time to consider a refinance
Current mortgage rates are holding low, and they’re expected to stay that way through the rest of 2019.
Even if you missed August and September’s near-record lows, it’s likely not too late to secure a world-class mortgage rate.
Consider this: According to Freddie Mac’s records, interest rates for a 30-year fixed mortgage averaged 4.7% for the week of September 27, 2018.
For the week of September 27, 2019, they averaged about 3.6% — a full percentage point lower.
Dropping your rate by just 1% now could put more than $12,000 back in your pocket over the next 10 years.
Dropping your rate by just 1.0% puts about ten percent of your mortgage payment back into your pocket each month.
That means for every $1,000 you pay to your lender today, you could reduce your payment by $100.
That’s $12,000 saved over the next 10 years — simply by doing a refinance.
More than 11 million homeowners stand to save by refinancing — even some who are underwater
Thanks to today’s low rates, more than 11 million homeowners stand to shave at least 0.75% off their mortgage rate by refinancing, according to a recent report by mortgage analytics firm Black Knight.
Many homeowners have already leaped at the opportunity.
In fact, a survey of The Mortgage Reports readers showed that the number of people looking into a refinance was up by 458 percent between August 2018 and August 2019.
Homeowners who are “underwater” — meaning they owe more on their home than it’s currently worth — have options to take advantage of 2019’s low rates, too.
Fannie Mae’s high loan-to-value refinance might be a good option for homeowners looking for a lower rate, but who owe too much on their home to meet traditional lending requirements.
Fannie Mae’s program replaces government-sponsored programs like HARP, which expired in 2018, and FMERR, which is set to expire at the end of September 2019.
If homeowners can drop their rate, there are few reasons not to refinance in this
