Quote:
Originally Posted by MoneyGuy
No, no, no. Use personal-owned life and disability insurance instead. Do yourself a favour and look at this piece done by CBC Marketplace on mortgage insurance: - http://www.cbc.ca/marketplace/in_denial/
If you want to save some time, my word for it: MOrtgage insurance is not good. Contact a good insurance broker for life and disability.
There has been some great advice here, but also some wrong info. Use a mortgage broker. Don't just walk into a bank. Congrats on the house; good decision. |
What he said. Mortgage insurance is just a bad deal plain and simple. If you are going to pay that mortgage down fast it makes even less sense. Buy your own policy from a broker and rest easy knowing that your covered without paying too much as you go along.