Following the entry into the world of my little princess (15 years ago) I made the decision to set my career aside and devote my full time to becoming a stay-at-home mom. The choice was primarily due to the fact I couldn’t endure the very thought of placing my children within the care of some other person and missing out on significant milestones in their lives, like initial steps or very first words, while I was working. Nonetheless, it didn’t come without having a price and my hubby obtained the entire financial responsibility by himself. We have to eliminate lots of extras and survive on a tight spending budget, as a consequence of only having the one income. If for some reason we over extend ourselves or fall behind on our loan payments it would be devastating for the whole family.
My husband and I have experienced numerous sleepless nights being worried about what would happen if for whatever reason he was laid off or let go from is employment. As we know the job market is incredibly unpredictable nowadays and nobody is indispensable, any person can lose their job. We’ve got absolutely nothing to fall back on and it could mean we might potentially lose our house. The possibility frightens me and I’ve always contemplated if I made the best determination to quit working and remain home with the children. The question if I’m being financially responsible and not leaving myself and family vulnerable goes through my mind almost daily. Not forgetting, occasionally in life unforeseen mishaps transpire which can be expensive to correct and may also place our home at risk if our funds are depleted and we can’t make the payment.
However, I’m discovering there are actually special financial options for stay-at-home parents, as well as for any individual who desires a little bit more protection for themselves and their household. I don’t know the entire details till I personally speak with a mortgage insurance provider consultant, but mortgage insurance may be the lifesaver our family is looking for to protect us from foreclosure and a great choice for you too. From what I’m comprehending, if you have private mortgage insurance the insurance company can make a one-time payment to cover your missed home loan payments, then you pay this money back over time. It satisfies the bank and sets you back on the right track so you’re able to continue making your monthly payments. Here are two videos explaining how mortgage insurance can help!
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Homeownership is a beautiful thing! It is always beneficial to have additional protection to secure your equity and home! To find out more contact a trusted insurance provider and inquire about mortgage insurance. It may be the solution you are searching for!