Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  March 29, 2011  |   More Builders Offer Extra Safety Net to Buyers
Builders are trying another approach to lure buyers by offering an insurance program--usually free--that would pay borrowers’ mortgage payments for up to six months in case they lose a job during a one- to two-year agreed coverage period after buying a new home.

The plans usually cap coverage, such as with pay outs of $2,000 to $2,500 a month. Some insurance plans also limit the amount the builders will pay toward principal and interest.

Quadrant Homes, part of Weyerhaeuser Real Estate, in the Seattle-Puget Sound market began offering a two-year, $2,000 to $2,500 insurance plan.

"We wanted to give our buyers a little of the confidence they might need" to move ahead with a purchase, says Ken Krivanec, Quadrant's president.

Job loss insurance for mortgages is usually not available directly to consumers, but it's sometimes arranged through lenders, builders, mortgage insurers, and some state housing agencies.

Source: “Builders Offer Buyers a Protection Plan,” (March 25, 2011)

Read more:
Brokerage Steps Up With Buyer Job-loss Protection

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!