When you have a loan with Honor Credit Union, not only are you receiving excellent member service and a great rate, but also the peace of mind that comes with our loan protection options.
Private Mortgage Insurance
Private Mortgage Insurance protects you and Honor Credit Union in case, for some unforeseeable reason you default on your mortgage. In situations where less than 20% of the loan amount is provided as a down payment, PMI is provided by a third party company so that Honor can still finance these loans. You pay for the PMI premium, which varies depending on your loan, as part of your monthly mortgage payment. When the loan becomes less than 80% of the home’s value, PMI is usually discontinued.
Guaranteed Asset Protection (GAP) Insurance
Just like those pesky potholes that spring out of nowhere, there are, unfortunately, a whole list of bad things that could happen to your vehicle. GAP Insurance can help you be prepared for these things when your normal insurance policy may not completely cover what you owe. If your vehicle gets wrecked or stolen, GAP Insurance will pay the difference between what your insurance company is willing to pay and what you actually owe on the vehicle.
We all think that some of the terrible stories we hear on the news will never happen to us, but in the back of our minds cross our fingers that we’ll always be healthy and able to provide for our families. We know that sometimes unfortunate incidents beyond our control do happen that can lead to death or disability. This is where SafetyNet comes in to the picture. SafetyNet is available for most Honor Credit Union loans and Visa credit cards. If you choose to take advantage of SafetyNet, the fee for this program will be included in your monthly payments.
Honor Credit Union has various SafetyNet packages available to protect your loan, family, collateral, and credit rating against the possibility you may no longer be able to pay it. In that unfortunate situation, you would have enough to focus on, so let SafetyNet help.
Mechanical Breakdown Protection (MBP)
It’s never a convenient time for your car to break down, and when it rains it pours. For those of us who don’t have stacks of cash sitting around for those days it does pour, there’s Mechanical Breakdown Protection. MBP will help reduce your out-of-pocket expenses should you find yourself in one of these situations.
MBP offers nationwide protections, 24-hour roadside assistance, rental vehicle assistance, trip interruption coverage, and so much more, so that if your car breaks down your life doesn’t have to break down, too. Plus it’s all transferable in case you sell your vehicle before the agreement expires.
There are several levels of coverage, giving you the option to choose what’s best for you, your car, and your finances. Learn more about Mechanical Breakdown Protection here.