Buying a home is the biggest purchase you’ll ever make in your life, so it’s understandable that paying for your home be one of your highest priorities. Normally, in every day life, your family income will sustain itself or even increase to make sure you can always pay your mortgage. Sometimes, though, unforeseeable circumstances happen and you may have to take some extended time off work or even stop working altogether for a while. If you need to be off work for an extended amount of time, your mortgage insurance will help to make sure your mortgage is paid.
We can help the residents make sure their mortgage premiums are paid if they are unable to meet their financial obligations. Mortgage Insurance Premiums are calculated based on the amount of your home that is financed as part of your mortgage. There are typically two factors that play into your premium calculations: the type of mortgage you have and the amount you’ve put down on your house when you purchased it as your down payment.
House Insurance vs. Mortgage Insurance
Almost everyone knows what house insurance is, and there’s no question that you want that insurance in the event of your home is broken into, or there’s a fire or some other unfortunate event. House insurance and mortgage insurance are not the same thing. Mortgage insurance protects you financially in the event you cannot make your mortgage payments so you do not default, cause harm to your credit or even possible foreclosure on your home.
Why do I need mortgage insurance on my home?
Whether you choose to have mortgage insurance is up to you, as you need to make sure it suits you and your family’s needs. The best thing we can recommend is that you sit down with an insurance broker and determine if this type of insurance is right for you. Life happens, and there is no way to know what’s coming in the next 6 months, a year or even 10 years. Having the security to know that you are covered just in case anything happens can relieve a lot of stress from your family. Talk to us to see what you might need – we’re here to help.
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