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Leslie Said:

We purchased a house & pay mortgage insurance here in Canada.?

We Answered:

Likely not. Most mortgage insurance, only pays the LENDER, if you default on the loan. They can still foreclose on the house, sell it out from underneath of you - the mortgage insurance then pays them the difference between what they got for the house, and the mortgage balance. THEN, the unsecured amount is transferred to the mortgage insurance company, who can sell it to collection agencies, and try to collect THAT way.

It really depends on the type of mortgage insurance you have. If you pay the premium to the bank, the coverage is covering the bank as described above, NOT you. If you pay a seperate premium directly to the insurance company, then THAT'S likely to be protecting YOU.

Edna Said:

I am thinking of buying a new house, mortgage insurance Real Estate?

We Answered:

The answer could vary by person.It is alway a good idea to hear the suggestion from different sides and try to choose the best one.Here http://www.insuranceidea.info/free-insurance.htm is a good one i recommend.

Mitchell Said:

Could paying down mortgage allow for a more beneficial house insurance policy ?

We Answered:

Your mortgage balance has no bearing on the homeowners insurance premium. The insurance company bases the amount of insurance on what it would cost to rebuild your home in the event of a total loss. If you paid down or paid off the mortgage it would have no effect on the amount that should be insured.