Home Owners and Mortgage Insurance
Buying a home is a major decision, and usually results in a mortgage along with mandatory mortgage insurance.
Many people obtain their insurance from the lending institution (e.g. bank). However, coverage does not have to be obtained from the bank. Affordable term life insurance can be used instead, which has numerous benefits.
John,
Barbara, and family.
Richmond Hill, Ont.
John: We bought our first home last year, and just love it. We paid
$275,000 for a century-brick house, with $30,000 down payment. Our mortgage
works out to $1,450 month, and between Barbara and I we are making $92,000 per
year. Unfortunately we just had to repair both the electrical and plumbing,
which was an unexpected and expensive repair bill.
Barbara: Before we bought our home we talked to a lot of people, and
got some great advice. We found out that we didn't have to have mortgage
insurance from our bank, and that we could protect our home investment by
buying term life insurance.
