Bank of Montreal offers a number of mortgage insurance plans that are affordable and flexible. You can choose from Life Insurance, Disability Insurance, and Job Loss Insurance to protect your mortgage balance. BMO also offers a handy calculator that allows you to compare insurance premium quotes and choose a plan that suits your needs. Mortgage insurance plans vary in price, so make sure to shop around and compare the different policies to find the best rate for your situation.
Montreal Mortgage Insurance
A lot of people do not realize that mortgage insurance is beneficial to both the lender and borrower. It allows those with less money to purchase a home to secure one without putting a large amount down. It’s difficult to save up for a 20 percent down payment, especially when home values are increasing. But, mortgage insurance helps borrowers lock in a favorable rate, which can save them money over time. It’s a good idea to read the fine print when you’re buying a mortgage insurance policy to avoid a lapse in coverage.
Mortgage life insurance protects your family in the event of your death. Depending on the coverage amount, you can purchase up to $600,000 of mortgage insurance for one person or two. You can add another person to the policy if you desire First Time Buyer Swindon. Most financial institutions let you add a co-borrower or guarantor to your policy. This way, you can make sure you’re getting the right coverage for your family.