Quote:
Originally Posted by GordonBlue
thank you. my mortgage is up for renewal, and I before we go in, I want to be able to successfully argue with my wife as to why we shouldn't go with the insurance.
|
Get quotes for both options. In my case I got underwritten at time of purchase mortgage insurance (blood tests were done and I read the fine print) at a lower rate than a 10 yr term life policy for the midpoint amount between the amount owing now and the amount owing in 10 years.
Assuming that you don’t pay down additional principal to your mortgage and check every few years it could be cheaper to have mortgage insurance early in a mortgage.