I just bought a house. Now I'm getting ads in the mail every day or two trying to sell me accidental death insurance for my mortgage. (AKA critical illness mortgage insurance, mortgage protection ...
There is a product called mortgage life insurance. Apparently if I have the insurance and I die , the insurance will pay the bank the remaining mortgage. It is for the bank's protection, not mine. ...
When I bought my condo, because I could only put down 10%, so I had to pay CMHC (Canada Mortgage Housing Corporation) insurance premium (about 12 000 dollars I believe but I could be completely wrong ...
So I recently bought my first house, and admittedly have no idea what I'm doing when it comes to home financing. I did not put down 20% so I have to have PMI until I pay off the principal up to 20%. ...
What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your made redundant ...