NLIC.org

Debra Said:

Is there home mortgage insurance available in Canada for diabetics that isn't overly expensive?

We Answered:

Mortgage insurance is a useless product for the following reasons: a) Only the mortgage company gets paid; b) The premiums stay the same but the amount insured decreases as the mortgage is paid off; You'd be better off purchasing a life insurance policy with a limit that will cover the mortgage and leave something for your loved ones after you die.

Clifton Said:

Are property taxes and home insurance included as part of mortgage debt?

We Answered:

When it comes to qualifying for a mortgage loan every lender WILL include the taxes, insurance and mortgage insurance (if any) in the debt to income ratio. These other people are talking about the choice of whether or not you want the lender to escrow these payments and handle the yearly distribution or do it yourself.

Virgil Said:

Can mortgage insurance on a new home mortgage be deducted?

We Answered:

Nope.

Just mortgage interest and property taxes. Any points you paid on your mortgage in 2006 are also deductable.

George Said:

Home Mortgage Insurance question?

We Answered:

Renters insurance because you aren't the owner of the home. Now do your parents carry an all hazard policy? Renters insurance only covers the building contents. You could probably obtain an all hazards policy but your parents would be named the loss payee since they are the owner.

realtor.sailor

Kelly Said:

home mortgage insurance?

We Answered:

The mortgage insurance has to be carried until you have paid down 20% of the amount you borrowed. And dont expect your lender to send a nice letter informing you when it is no longer neccessary for you to keep paying for it. You have to contact them when it's time and tell them you are ready to cancel it.