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National City Mortgage
Overview
Benefits of National City Mortgage
What is a Mortgage?
Fixed Rate Mortgages
Adjustable Rate Mortgages
Affordable Housing Programs
Additional Mortgage Options
New Home Construction Programs
The Benefits of Home Equity
Why Refinance With National City
Payment Options
Assistance to Keep Your Home
Assistance Option When Giving Up Your Home
National City Mortgage Insurance Options
Mortgage Life Insurance
Mortgage Pre-Approval
What You Need to Buy a Home
Application Process
Frequently Asked Questions
Glossary


National City Mortgage Insurance Options

You save and save to buy a brand new car, so you wouldn’t drive it off the lot into busy rush hour traffic with no insurance would you? Well the same goes for buying a home. You spent many hours searching for the house, filling out paperwork, negotiating contract terms. All in all, it is a mighty big investment. So now that you have found the home of your dreams, it is time to protect the investment you made by purchasing some form of insurance.

National City Mortgage offers a variety of insurance plans to protect the mortgage on your home. The first is the most popular and that is homeowners insurance. This type of insurance protects your home and anything in it from loss due to theft or destruction. With tornadoes, hurricane, flooding, ice storms and more, it is imperative that you protect your home with homeowners insurance. A National City representative will help you decide how much insurance you should obtain and what the terms and conditions of the contract need to be.

One specific type of homeowners insurance that is necessary to buy in addition to the traditional home insurance is flood damage insurance. Many areas of the country are hit hard each year by hurricanes, rain and subsequent flooding. These areas do not include flooding as part of their homeowners’ insurance conditions because it is too expensive to include on the plan. So the borrower must buy additional insurance to protect against flooding.

If you are buying a home that and put down less than the standard down payment, or if you take a mortgage out on a home that is above standard lending regulations, you may be asked to purchase private mortgage insurance. Since the transaction is larger than normal, this type of insurance protects the lender should you not be able to make your mortgage payments.


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