Mortgage Insurance Can Open Many Doors (NAPSA)—Even in the after- , a OG a vr a = math of the housing boom, consumers can still find a window of opportunity when looking over their choices of purchasingorrefinancing a home. According to some experts, affordable, safe and secure mortgage options are still available, and many low down payment homebuyers today are turning to private mortgage insurance to qualify for financing. “Current market conditions can make some borrowers concerned about getting a mortgage they can handle for the long term,” said Kevin Schneider, president of Genworth Financial’s U.S. mortgage insurance business. “But, private mortgage insurance is helping homebuyers attain the safety and security they need during these uncertain times.” Helps You Buy A Home Sooner Historically, private mortgage insurance was thought to only benefit the lender in the event of borrower default. However, it helps borrowers circumvent tradi- tional 20 percent down payment requirements, helping a home- buyer buy a home years sooner than would have been possible otherwise. In addition, according to Schneider, mortgage insurance now has evolved into a more consumer-friendly product. “We now havejob loss protection with some of our products. It provides the peace-of-mind that homebuyers in this economy really appreciate,” he said. Job loss protection pays a monthly mortgage bill up to Mortgage insurance can help borrowers circumvent the tradi- tional 20 percent down payment requirement. $2,000 a month for up to six months, should a customer invol- untarily lose his or herjob. Helps Keep Your Home Foreclosure prevention assis- tance is another benefit for con- sumers choosing a privately insured mortgage. Available at no charge, this personal assistance can help homeowners in financial difficulty who have fallen behind in their payments rework their home loan and avoid foreclosure. In 2008, Genworth expects to help nearly 12,000 struggling homeowners keep their homes. Private mortgage insurers also offer financial literacy and homeownership courses that are proven to help first-time buyers better manage their loans over time. Completing this course not only provides a safe and smart way to help borrowers get into and stay in homes, it can also reward bor- rowers with a discount on the monthly cost of the mortgage insurance. For more information, visit www.SmarterMI.com.
