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Home mortgage insurance secures your home for your family -- Why do you need this coverage? Because you have enough worries in your life.
We get you access to a large pool of lenders, including banks, trust
companies, insurance companies and credit unions and private lenders and can be completely independent in our recommendations to you.
So, who needs mortgage insurance coverage?
If your mortgage is not protected, you can lose your home if a key breadwinner dies or becomes disabled and your family is not able to carry the mortgage payments.
Now, protection may not always mean having insurance.
This simply means that there must be ample resources - from somewhere - to ensure your mortgage will not go into default, or your home won't have to be sold.
In other words, even in the event of death or disability, a family still has enough money in a form of savings or liquid investments to cover the mortgage obligations.
Not very many mortgage borrowers fall into that category and most people need mortgage insurance protection.
So, it might be easy to agree that every mortgage needs protection.
Yes, we have self employed mortgage insurance for small business owner borrowers. Private lenders financing qualifies for home mortgage insurance too.
In Canada, as licensed mortgage brokers, we are required by law to offer you insurance with every mortgage application.
The choice is yours, whether or not you decide to take the mortgage insurance coverage. But, in order for us to proceed with the mortgage, you must sign either to accept or waive the coverage.
The mortgage insurance providers on our system will offer some form of protection to everyone who submits an application, regardless of your health. As long as you are between the age 18 and 65, you will not be declined -- even if you are a small business owner needing self employed mortgage insurance.
And, they say yes right away. The coverage will start the minute you complete an application at our office. You just have to pay the first premium when it is due.
Your good health still matters ... saying yes to everyone doesn't mean that the insurer does not take your health into accountant. If you have some health problems, you will pay a little more, or your coverage may have some exclusions.
Our mortgage broker Canada system insurers also provide disability insurance coverage as part of the same application. In the event of illness or disability, the benefits you receive do not have to be reported as income to either CPP or are subject to income taxes. This is especially useful for self employed people, since no proof of income needs to be provided with your application. This mortgage protection insurance and disability insurance coverage is fully portable from one lender to another as you move your mortgage.
You can transfer your mortgage whenever, wherever you like, without any fear of losing your mortgage insurance coverage. Even if in the future additional funds are advanced, only the topped up amount will be priced at your current age. The amount of life coverage you already have will remain untouched, and can't be taken away no matter what your current health situation may be.
*Lenders change their products and interest rates without notice.
Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients.
Thank you for reading about home mortgage insurance - please come back often. We offer independent from the lenders home mortgage insurance -- that's important.
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