Buying a home is a great investment. It has been the dream of many individuals to own a home of their own. There are many mortgage schemes which can help you to achieve this dream. But what happens if you are not able to repay your mortgage? Losing your home is the first consequence. When you have invested so much in buying your dream house, would it not be wise to invest in protecting it against the loan? That is where mortgage insurance comes in. There are various things relating to mortgage insurance. Here are a few you should be aware of;

• It protects your home: Mortgage insurance protects your home against any fault in payments of your mortgage. The insurance plans for your mortgage will be used to pay off the lender. This plan can be used when you are unable to work or have had an untimely demise. The plan kicks in and covers your family against losing their home.
• It provides quick and easy coverage: Mortgage insurance provides you with quick approvals from lenders of the insurance. If you do not have your finances in order, this kind of insurance can really benefit you. You can be confident about making your payments while you get your finances under control. The insurance for your mortgage is also easy to get as it does not require a lot of documentation.
• Makes you eligible for better mortgages: Having a mortgage insurance to fall back on can really improve your profile in front of lenders. They will see you as less of a risk than someone without mortgage insurance. This means that they will be willing to offer you rates which you would have been ineligible for if you did not have such an insurance plan.
• It makes you more likely to own the home: After paying installments for several years, to lose your home because you couldn’t make the last few payments are devastating. Mortgage insurance can increase your chances of owning the home as it helps pay off the mortgage.
• No medical exam required: A very good advantage of getting an insurance for your mortgage is that you don’t have to undergo a physical exam to qualify for it. You can apply for the plan and get approved with ease. You will be making monthly payments in the form of premiums to keep your insurance plan. Having a medical history will not affect it.