Quote:
Originally Posted by GGG
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.
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Interesting. That's super unusual. I've been offered mortgage insurance from a number of different combinations of lenders/insurers over the years, and it's never been even close to the cost of term.
Would you mind sharing the lender/insurer?