Is wells fargo mortgage payment protection a rip off?
We have a mortgage loan with Wells Fargo and they sent us a mortgage payment protection rate quote of $33 per month which is "secure 12 Mortgage Payment protection" through Minnesota Life Insurance with benefits up to "4000.00 a month benefit".
Knowing that there are alot of scam warranty protections out there for home appliances as an addition to your already home insurance policy, is this a scam also?
I think it’s a bad deal, but not a scam.
See, any time a LENDER is offering to "let" you buy insurance, that only pays THEM, well, that’s a bad deal.
If THEY want coverage to make sure THEIR loan gets paid, let them buy it.
If YOU want coverage to make sure that YOUR household bills get paid . . .. you want YOU to be the one getting the money, so you can decide if you’d rather spend it on the mortgage, or on food for your 19 kids.
Never pay to insure someone ELSE. If you’re going to buy it, let YOU choose who gets paid.
I think it’s a bad deal, but not a scam.
See, any time a LENDER is offering to "let" you buy insurance, that only pays THEM, well, that’s a bad deal.
If THEY want coverage to make sure THEIR loan gets paid, let them buy it.
If YOU want coverage to make sure that YOUR household bills get paid . . .. you want YOU to be the one getting the money, so you can decide if you’d rather spend it on the mortgage, or on food for your 19 kids.
Never pay to insure someone ELSE. If you’re going to buy it, let YOU choose who gets paid.
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I am suspicious of products that are being "pushed" by the lender. These products are usually limited in their coverage, almost always overpriced and viewed by the lender as an additional profit center.
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