Mortgage Insurance
When discussing mortgages, it's important to note that there are multiple types of insurance available. The two most commonly considered are Mortgage Loan Insurance and Mortgage Life Insurance. Let's explore the differences between these two types.
What is Mortgage Loan Insurance?
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Mortgage loan insurance helps you get a mortgage for up to 95% of the purchase price of a home. It also ensures you get a reasonable interest rate, even with your smaller down payment. Mortgage loan insurance helps stabilize the housing market, too. During economic slumps when down payments may be harder to save, it ensures the availability of mortgage funding.
The amount of the insurance will depend on the home’s purchase price and how much they are putting down on the purchase, so the loan to value will determine the % of what the premium will be. The lender will likely pass this cost on to you. You can pay it in a lump sum or add it to your mortgage and include it in your payments.
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You can read more information on our 3 providers on there website
CMHC
Canada Guaranty
Sagan
What is Mortgage Life Insurance​
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Mortgage life insurance is a simple, convenient and affordable way to protect your family's future, with coverage that pays off the mortgage balance.
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CML offers quotes thru Manulife MPP (Mortgage Protection Plan) on Mortgage Life Insurance as well as a separate Mortgage Disability Insurance. When you accept the Mortgage Insurance your mortgage will be protected for the future if anything were to happen. Always talk to your Mortgage Professional or the number on the form for a complete policy outline of what is covered for you on your mortgage insurance policy. Remember to ask your Professional for there referral for a Life Insurance Advisor or a Financial Service Advisor so you can make sure your protection and coverage if enough for life's hiccups.
