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Disability insurance

Disability insurance is something else to consider. According to the Centers for Disease Control (CDC), 26% of adults in the U.S. have some physical or mental disability.If an injury keeps you out of work in the short term or a severe illness requires an extended leave of absence, that could affect your ability to keep up with your mortgage payments. Short- and long-term disability insurance can help protect you financially in those types of scenarios.

Whipple said you might also want to investigate insurance policies or home warranties to help with repair costs, especially if you have an older home. O’Neill recommended looking into whether you can get a discount by bundling homeowner’s insurance and other insurance policies together.

Mortgage lending discrimination is illegal. If you think you’ve been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take. One such step is to file a report to the Consumer Financial Protection Bureau or with the U.S. Department of Housing and Urban Development(HUD).

Term Life 

Term life is the least expensive option since you’re only covered for a specific term. This type of policy can make sense if you’re a first-time buyer and you only need coverage while you still have a mortgage.

Permanent Life 

Permanent life insurance, such as whole or universal life, lasts a lifetime and can offer cash value accumulation, but it can be much more costly. If you’re unsure of which to buy, Whipple suggests that you discuss your options with a licensed insurance broker or agent.