Second Mortgage

What is the best kind of mortgage insurance here in Canada?

If you are healthy, get individual insurance rather than through your bank. Individual Insurance requires a medical exam/test, and assuming your are healthy, the insurance premiums will be considerably lower than insurance through the bank.

Your bank won’t ask you for a medical exam/test, but you pay a much higher premium for that. The saving by getting individual insurance could then be applied to your mortgage payments. Thus, saving you even more money from the interest on your mortgage.

It is important that you contact a local insurance advisor in your city/town . There are a few pros and cons for choosing private and bank mortgage Insurance. It is also crucial that you ask the questions including can you choose Beneficiaries? can you apply for more coverage? Will your coverage remain level through out mortgage period? Are your premium fully guaranteed in the contract? etc.

The answer of the Bank or lender Mortgage Insurance would be for all the questions are – NO. With life insurance mortgage insurance all the questions are – YES

Now getting the best mortgage insurance in Canada totally depends on what your future needs may be.

There is a  basic insurance on our mortgage through the bank itself. In case of accident or death it is quicker and more efficient to use the banks policy. If you are adding on huge details and extras, then maybe you should shop around a bit more for a different carrier.

There are many out here. Just go visit your local insurance agent and they will give you better ideas. Of course CMHC is the biggest carrier and is one of the better known ones as well.