A mortgage is often the single biggest financial commitment that many people make during their lifetime, yet fewer than half of all residential mortgage holders choose to take on protection of their mortgage repayment ability with mortgage protection insurance. (more…)

The coverage usually is supplemental to a Mortgagee’s Title Insurance policy, and the premium is customarily paid by the buyer.  As with most other types of insurance, you pay a monthly premium on top of your monthly mortgage payment for this policy.  A mortgage insurance policy protects the bank in the event they are forced to repossess your house and sell it at a loss.  Private mortgage insurance is an insurance policy designed to protect the lender in case you do not pay back your mortgage loan.  A one-year paid receipt for homeowner’s insurance policy for at least the amount of the mortgage is required at the loan closing. (more…)

Getting a mortgage is bad enough – what with terms like fixed rate, discount, variable etc – so mention mortgage insurance and naturally your eyes will start to glaze over.

However, mortgage insurance is an extremely important insurance to have – in fact, it can the difference between keeping a roof over your head or ending up having your home repossessed. (more…)