One of the biggest investments you’ll ever make is buying a home. Finding mortgage insurance that is customized to your needs is so crucial. If a borrower defaults on their payments, an insurable mortgage protects the mortgage lender. Although mortgage insurance is intended to protect the lender, this lower risk enables lenders to provide loans to borrowers who may not otherwise be able to obtain a mortgage at all, much less one that is cheap.
WHY IS MORTGAGE INSURANCE IMPORTANT
There are several benefits to loan Canada mortgage insurance. Take a look
- You will keep your insurance even if you change lenders when you renew your private mortgage insurance in Canada
- The contract is yours, and you get to pick the beneficiaries.
- Your profile determines your premium, which won’t change even if your health worsens.
- Your premium is fixed and guaranteed.
- You can convert your mortgage insurance to permanent life insurance, as needed, throughout the term of your loan.
WHO NEEDS MORTGAGE INSURANCE
You might think that about mortgage insurance vs life insurance. You need mortgage insurance in Canada if you want to buy a house. You might wonder how much mortgage insurance is and what would happen if you fall behind on your mortgage payments. MB Insurance is going to help you out and cover your mortgage protection insurance.
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