Fulfill Your Dream of Own House with Mortgage Insurance Agency
There is no doubt buying your own house is a dream for most people, but it comes with a lot of financial complications. Since real estate investment, like purchasing a home in Canada, is expensive, many Canadians cannot afford their own house due to a lack of cash. The good news is that getting a mortgage from a reliable company can help them to fulfill their long-term wishes.
But what would happen if your family failed to pay the mortgage fully due to your sudden death? Here comes the importance of mortgage insurance. Research shows that approx. 35.5% of Canadians have purchased policies from reliable mortgage insurance agency in Mississauga. Read this article to get a step by step guidance on mortgage insurance.
What is Mortgage Insurance?
In Canada, mortgage insurance is also known as creditor insurance, which is sometimes mandatory. Usually, the mortgage lender offers the insurance policy in case your family fails to pay the mortgage entirely due to your sudden death. In that case, the mortgage insurance company will pay the debt on your behalf. Mainly three types of mortgage insurance are available in Canada, including,
- Mortgage default insurance
- Mortgage protection insurance
- Mortgage loan insurance
Is Mortgage Insurance Mandatory in Canada?
No, mortgage insurance is not mandatory. But sometimes, mortgage lenders don’t work with you until you purchase the insurance. To be honest, purchasing mortgage insurance may cost some bucks, but it will give you peace of mind down the road knowing that no matter what happens to you, the mortgage insurance agency will pay the debt.
Why Should Canadian Home Buyers Insure Their Mortgage?
As you know, insurance is a staple in various industries, and the mortgage is no different. Mortgage insurance offers peace of mind, stability and financial protection. Since there are so many affordable insurance options, here are some reasons you should buy a policy from a reliable mortgage insurance agency in Mississauga.
Your Lender Becomes the Beneficiary
When the mortgage holders or their families fail to pay the mortgage for sudden reasons, the lender will get the full payment from the mortgage insurance agency. Therefore, you don’t have to worry about how to pay the mortgage in case of your sudden death.
Eligible for Better Interest Rate
Mortgage insurance agencies collaborate with mortgage lenders to offer house buyers better mortgage interest rates with a large down payment.
You Can Overcome the Financial Barriers
Like every other policy, a mortgage comes with many criteria and requirements. As a result, many home buyers are not qualified to get a mortgage; especially it is true for self-employed people. But thanks to mortgage insurance agency, house buyers with good credit scores get a chance to fulfill their dream by qualifying for financing.
Get Your Money Back
Yes, you can get your money back upon purchasing an energy-efficient home or refinancing your existing house to make it more energy efficient. Though not all mortgage insurance agency does not offer this incredible deal, you can shop around in Mississauga to find this fantastic deal.
How Much Mortgage Insurance Do You Need?
The amount of mortgage coverage you need depends upon several factors, including the value and cost f your house. Instead of purchasing the insurance from your lender, contact a reliable mortgage insurance agency in Mississauga to avoid specific limitations. For example, some mortgage insurance, such as life insurance, offer several coverage, including,
- funeral expenses
- child care
- Future living expenses of your family
- Education costs,
Protect Your Investment!
Buying an insurance policy from a reliable mortgage insurance agency will help you to buy your own house while protecting your family financially. With so many options, you should consult a professional to get the best option for you. To book an appointment, get in touch with us at ADI & ADI FINANCIAL in Mississauga.