Mortgage Insurance Secrets – The Dark Side of Mortgage Insurance
Buying your home is one of the most exciting and often stressful times. Excitement and anxious suspense is in the air as you are making one of the biggest investment decisions of your life.
After spending months shopping for your dream home you finally make the decision to purchase the house you’ll call your own home. This is the time when for weeks you are shopping for the best mortgage rate. Your lender suggest taking out mortgage insurance to protect your prized assets.
Your home is probably the biggest investment you’ll ever make. When you arrange a mortgage with a financial institution they must ask you if you want to insure your mortgage through them.
When years ago we bought our first home and I had little knowledge about how mortgage insurance works my broker looked at me and she said:
“Legally, in Canada Mortgage Brokers MUST to offer Mortgage Life Insurance with every mortgage they place. We are no insurance people, and even if we don’t believe in the product, legally we are bound to offer it. I prefer to advice my clients to talk with a Financial Planner, who is an expert in the field, someone who will actually see that you are qualified AND covered in case the worst happens”
Then she looked at my 3 kids and said:” Make sure you have a personal term insurance, as you have 3 kids and you can’t take a chance”. I was blessed with an honest broker because back in those days I would of take whatever she would offer me. I didn’t know better and I trusted her. Sometimes just because people are nice and we “feel” that we can trust them they may not always put your best in front of their own commission.
On the surface it sounds like a good idea: protecting your loved ones against a serious illness or death seems like a prudent decision, so at the lender’s suggestion you decide to take on the premium to your mortgage payment.
This scenario unfolds hundreds of times each week yet many consumers still do not realize that they may getting ripped off.
To find out why a mortgage insurance my not be your best alternative GO The Dark Side of Mortgage Insurance
About the Author
Piri D. is in her mid thirties, happily married and mother of three good amazing kids. She is a debt reduction champion with a passion for showing individuals how to budget, helping people make better financial choices while still working, and help those who are preparing for retirement to establish a plan that will provide the lifestyle they need to live with dignity. She takes an educational approach to help people understand about their financial plan and the financial products they have work for their best.
To find out more http://www.thefinancialpower.com
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