Mortgage insurance can really be costly. Every month when you see the description of your mortgage installment it may surprise you that a big proportion of the payment is actually taxes, fees and insurance. It is possible, however, to eliminate the need for mortgage insurance provided that you meet certain requirements.
Mortgage insurance is a wise move. Should anything happen to you, your spouse would be protected by having mortgage insurance. The house would be paid for and your family’s financial security would be a little bit better off. Or, if you have mortgage insurance that is triggered by your disability or being unable to work, then you and your spouse are both covered if something bad should happen.
Mortgage insurance actually is such a Read the rest of this entry »
If you’re planning on buying a home, and are like most Canadians, you probably will fall shy of the 20% down payment to obtain a conventional loan. Therefore, you’ll need private mortgage insurance (PMI). Now, some of you may look at “private mortgage insurance” and think that’s a good thing, but it’s not; at least, not for you. Why? Well, when you hear the word “insurance,” you probably think of something that you pay for and that pro Read the rest of this entry »