Mortgage Insurance
Mortgage Insurance Solutions:
Many people plan to buy their own property, home, or planning for refinancing but left their decision due to a lack of money. Mortgage insurance helps you out in buying from dream home by covering the balance. Mortgage insurance protects your family from unexpected.
With mortgage insurance, you need to pay the amount at an agreed interest rate. Mortgage insurance is generally confused with other insurances associated with homeownership. But there is a difference and knowing this will help you plan accordingly.
Both of these are not associated with Mortgage Insurance:
Mortgage Life Insurance:
Any type of insurance designed particularly to repay the outstanding mortgage debt due to the death or long-term disability of homeowner
Homeowner/Property Insurance:
Property insurance devised to guard an individual’s home against any tragedy like damages, theft, fire, etc.
Mortgage insurance solutions offered by us:
Mortgage insurance further is of four types:
Fixed-rate mortgage:
This is best if you want to have predictable payments, and protects yourself from rising interest rates.
Lock and roll mortgage:
You want to get a long-term mortgage to get benefits of short-term rates. In this insurance policy and the interest rate will adjust automatically after 6 months.
Variable-rate mortgage:
Variable-rate mortgage benefits you by offering changing interest rates, but making fixed payment amount for the entire term of the mortgage – You can also convert your mortgage insurance into regular life insurance.
Adjustable-rate mortgage:
The interest rate and payments adjust every month and are the best if you want the lowest available mortgage payment.
How mortgage insurance benefits you?
Mortgage insurance is cost-effective solutions for Canadians as it ia perfect to meet your unique financial as well as homeownership needs. Mortgage insurance gives you the flexibility to pay a lower down payment.
Mortgage life insurance covers a smaller amount of money but other policies may provide better value and taking it from Life Insurance Company instead of Financial Institution allows you to convert it into other life insurance, saves you from more premium, medical underwriting, allow appointed beneficiary to take benefits, etc.
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