Mortgage insurance is one of the most confusing terms used with mortgages. I get asked all the time from clients, what is mortgage insurance? The term mortgage insurance is used when talking about two different things in regards to a mortgage. The first is default mortgage insurance. Now this is also commonly called CMHC insurance. This is the premium added to your mortgage of putting down less than 20%. The insurance protects the lender if the borrower stops making payments. The second is mortgage protection insurance. Now this is fully optional and protects you and your family, but it is also very confusing. I do recommend talking to a trusted insurance professional to best review your coverage options to protect your family now and in the future.
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