Quote:
Originally Posted by Slava
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.
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Ha, I know that both Slava and I have had people on this site buy
real insurance from us.
BTW, I sent one of my clients to a mortgage broker a couple of years ago. When we met a few months ago I asked how it went and they told me they had made a mistake. They had taken a 10-year amort. I almost fell out of my chair. When I asked, they admitted that the broker has advised strongly against this. I told them they should have taken his advice. They know this and deeply regret taking the 10-year amortization because rates have fallen and they desperately wanted it out but the costs were well over $10K. It was HER idea to go 10 years, not his. Crap!