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    Mortgage Insurance in GTA

    In a case of any unfortunate circumstances like an accident, sickness, and unemployment resulting which you have to remain off work for more than a fixed deferred period (usually 30 days), your Mortgage Insurance will help you pay your Mortgage Premiums. Your Mortgage Insurance premium is derived as a percentage of the value of the home which is financed by a mortgage.In simple words, if you pay 15% of the value of your home as the down payment, then your mortgage insurance premiums will be calculated as a percentage of 85% of the value of your home.

    We determine your Mortgage Insurance premium depending on two factors, i.e., 1)The type of mortgage you opt for, and 2)The amount you offer as a down payment.

    Being one of the most experienced Mortgage Insurance Brokers in GTA, we can assure you by helping you pick the right plan for you. Do not confuse Homeowner's Insurance with Mortgage Insurance. Homeowner's Insurance or Property Insurance protects you from any damage to property, but Mortgage Insurance protects you from losing your mortgage payments in case of any default in payment due to your inability to work.

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    Why have a Mortgage Insurance?

    There are many reasons why a Mortgage borrower opts for having a Mortgage Insurance in GTA. Every individual is different having various situations and circumstances, it is advisable to have a good Insurance Broker to evaluate your need.

    However, the most common reasons for buying a Mortgage Insurance in GTA are:

    • It's Mandatory for Mortgage borrowers in Canada who pay less than 20% of the value of their home as down payment to purchase a Mortgage Insurance.
    • Opting for Mortgage Insurance increases your chances of Homeownership.
    • Most often, policies do not require an initial medical examination or blood screen to ensure an individual. It enables individuals with any pre-existing conditions to enable a mortgage insurance even if they are having trouble purchasing a term insurance policy.

    Significant benefits of Mortgage Insurance to homebuyers:

    • Expanded cash-flow options - you may put less down and keep cash for other uses
    • Receiving a refund – some Mortgage Insurance options allow for a prorated refund of premiums upon cancellation
    • Faster approvals – loans with Mortgage Insurance typically are approved sooner
    • Cancelling coverage – many MI options may be cancelled when no longer needed