Purchasing a home and having the mortgage insurance can be a beneficial move to make. In some cases, depending on the terms of your mortgage you?ll have no option but to have that mortgaged insured. There are choices on how to insure your mortgage and depending on your needs.
There too many families being unaware of the dangers of mortgage insurance. Insurance is a complicated topic and the mortgage professionals who sell these products are usually not trained or in some cases, not licensed to sell life insurance. Mortgage insurance sold by a mortgage lender must be looked at with intense scrutiny otherwise when the day comes you need it, there may be serious trouble.
More often than not mortgage insurance can be costly and as you pay your mortgage down, the value of the insurance policy goes down as well to coincide with the mortgage balance, but the premiums remain the same.
There are other options when faced with having to have proof that the mortgage is insured and that is life insurance. Many people opt for term life insurance policies to cover not only the value of the mortgage loan, but to have extra cash as well in the event of their death; and in many cases this is cheaper than getting insurance from the mortgage lender.
When approved for a mortgage, be sure to check around for different insurance policies and be sure to read the fine print. Remember, failure to read that fine print may be a horrible mistake down the road.
For more information about mortgage insurance options contact the Financial Horizons Group. Please visit www.financialhorizons.com, email manjinder.singh@financialhorizons.com or call 905-799-8004.
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