In publication since January 16, 1998, The Crusader explores many of the changes needed to reorient our lives and put each of us on the "road less traveled" - the Road to Wealth & Prosperity. Enjoy the journey!

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The average working class family struggles to handle the monthly bills and works hard to save enough money for a down payment on a home of their own. After finding a house that suits their needs, they obtain a loan to pay for their house known as a mortgage. The word comes from two ancient Latin words "death" and "bound." Since a mortgage can be taken for as long as thirty years and back thenlife expectancy was shorter, a person was bound nearly until death to pay on their mortgage. Getting a mortgage involves several fees and payments, one of which may be mortgage insurance (MI). Mortgage insurance premiums are added to the monthly mortgage payment that also includes principal, interest, and an escrow account for property taxes, homeowners insurance and mortgage insurance.

Mortgage insurance fees do play into your total mortgage payment. Lenders primarily started this practice to feel safer about lending money to clients with less-than-perfect credit. Also, when lenders started to resell the loans to second parties, second parties wanted some monetary form of assurance that the borrower couldn't default or file bankruptcy without the lending company covering the balance left on the loan.

Like all kinds of other fees that are involved with the purchase of a home, the cost of mortgage insurance varies. In fact, homeowners with a large enough down payment are not required to purchase mortgage insurance. Generally a 20% down payment exempts the homeowner from needing mortgage insurance.

There are three standard mortgage insurance packages that the average homeowner will encounter. These are FHA mortgage insurance, VA loan guarantee, and private mortgage insurances (PMI). Federal Housing Authority (FHA) and Veterans Administration (VA) loans automatically include a mortgage insurance policy and charge. This is because these government sponsored loan programs are designed to promote first time home buyers with low down payments.

While the mortgage insurance we have been discussing so far provides guarantees for the lender, mortgage life insurance can protect the family. Mortgage life insurance pays off the existing mortgage should one of the borrowers die. Dual owners may purchase a mortgage life insurance policy that covers one or both parties.

In the event of death, mortgage life insurance pays off in one of two ways. A lump sum payment is given after death and is typically applied to the outstanding mortgage. Or the payment can be made in an annuity form, with equal payments each month to support the family.

The more familiar mortgage insurance providers for FHA and VA are Fannie Mae and Freddie Mac. Many online directories will find you a PMI provider once you fill out the site's quick survey about your insurance needs. One of the largest mortgage insurance directories online is NexTag (http://www.nextag.com), who promises up to four quotes from reliable providers. Another source for mortgage insurance protection is Mortgage Guarantee Insurance Company (MGIC), a division of HSH Mortgage.

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