Blue Financial Says Consumers Should be Careful with Single Premium Mortgage Credit Insurance

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Blue Financial warns consumers to stay away from Single Premium Credit Mortgage Insurance.

Blue Financial says mortgage consumers should stay away from Single Premium Credit Insurance. Some Mortgage Lenders push a form of credit insurance called "single premium," where the entire cost of the insurance policy is charged up front and added into the loan amount.

Single premium credit insurance is one of the most expensive types of insurance sold, and it doesn’t insure the full term of the loan. It usually covers only the first 3-5 years of the loan, even though your mortgage may be for 30 years.

Hal Jolley, President of Blue Financial says, “We strongly encourage mortgage consumers to stay away from single premium credit insurance. Some Lenders may imply that you have to take the insurance to improve your chances of getting the loan. If a Lender says this, you should run.”

Jolley says, “If a customer desires an insurance policy, term life insurance can be a good alternative. Term life insurance costs less and covers more”. Jolley adds, “Being a Good consumer means educating yourself to ensure that you make the best financial decisions for you and your family. If you want insurance, simply speak to one of the numerous outstanding Insurance Professionals available in your area.”

Blue Financial advocates personal financial self-control, lower consumer debt, decreased spending on credit cards, and achieving better credit scores by eliminating unnecessary expenses.

Blue Financial was founded in 2002 to provide Arizona homeowners with less than perfect credit a place to borrow money at low rates, and to assist homeowners, through a refinancing transaction, to move toward the path of financial freedom by consolidating their debt, improving their monthly cash flow, and improving their credit history.

Interview Contact: Hal Jolley at 480-682-2584.

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