NLIC.org

Clifford Said:

What is the best kind of mortgage insurance here in Canada?

We Answered:

Totally depends on what your future needs may be. We have our basic insurance on our mortgage through the bank itself. In case of accident or death it is quicker and more efficient to use the banks policy. If you are adding on huge details and extras, then maybe you should shop around a bit more for a different carrier. There are many out here. Just go visit your local insurance agent and they will give you better ideas.

Of course CMHC is the biggest carrier and is one of the better known ones as well.

Grace Said:

Can anyone tell me the risks of mortgage insurance?

We Answered:

Okay, there are two types of mortgage insurance.

First--the most common type is PMI or private mortgage insurance. This is an added fee a bank charges with your mortgage. Whenever your mortgage is more than 80% of the value of the home, your bank will charge you PMI or MI or mortgage insurance.

So your payment may look like this:
Mortgage: 1000
PMI: 100
Taxes: 200
Insurance: 50.

If you have good credit why pay the PMI or pay an extra $100? Get a no-PMI loan and you're saving money.

Now there's another type of mortgage insurance also called mortgage protection insurance. This is simply a term life policy designed to pay off your mortgage should the primary earner pass away. Most of the time a family will lose the home if a primary earner dies. Simply match the value of your home to the term life policy and you'll never have to worry about "what will happen to the home" should XYZ happen. Hope this helps!

http://www.mylendingplace.com
http://www.texastermlife.com

Austin Mortgage said:

It is always nice to have a visit to such a site. As I love to learn and share, so this site is great for me. Thanks:) <a href="http://youraustinmortgage.com/">Austin Mortgage</a>