Mortgage Insurance

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How Mortgage Insurance Can Benefit You?

In Canada, Mortgage Insurance is to reduce the risk of lenders if you fail to pay your loan because of your untimely demise. The insurance covers the remaining payment. If you are paying 20% or less as a down payment then taking Mortgage Insurance is compulsory in Canada. Your credit score and property location play a vital role in getting approval on your mortgage insurance.

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Why Mortgage Insurance?

feature 41. Safety blanket in case you unable to pay part of loan amount

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1. Safety blanket in case you unable to pay part of loan amount

feature 52. Reduce risk levels for lenders

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2. Reduce risk levels for lenders

feature 63. It helps you get a loan at a lower rate

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3. It helps you get a loan at a lower rate

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Mortgage Insurance Types

Two basic types of mortgage insurance are available in Canada. They are:

Important Points to Consider Before Purchasing Insurance Plans

Before purchasing any insurance plan, you must consider a few things and prepare in advance. This will make the entire process smooth and less risky.

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