Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

photon · 09-02-2007, 04:14 PM

You need mortgage insurance if you are putting less than 20% (used to be 25%) down, your lender should have already gone over that part and included that for you (i.e. let you choose to either pay the mortgage insurance up front or roll it into the mortgage). That's just insurance for a high ratio mortgage, and it's for the lender not you.

Actual insurance for the property (against damage, theft, fire, elephants, etc) you have to get from a 3rd party insurance provider, same kind of place you get your auto insurance from.

You can also get a kind of life insurance with your mortgage (ie if you die your mortgage is paid off), but that's usually very expensive and you're better off just getting a good life insurance plan.

09-02-2007, 04:14 PM	#21
photon The new goggles also do nothing. Join Date: Oct 2001 Location: Calgary Exp:	You need mortgage insurance if you are putting less than 20% (used to be 25%) down, your lender should have already gone over that part and included that for you (i.e. let you choose to either pay the mortgage insurance up front or roll it into the mortgage). That's just insurance for a high ratio mortgage, and it's for the lender not you. Actual insurance for the property (against damage, theft, fire, elephants, etc) you have to get from a 3rd party insurance provider, same kind of place you get your auto insurance from. You can also get a kind of life insurance with your mortgage (ie if you die your mortgage is paid off), but that's usually very expensive and you're better off just getting a good life insurance plan. __________________ Uncertainty is an uncomfortable position. But certainty is an absurd one.