Facts about

Mortgage Insurance

 

 

Buying from the Banks, or Credit Unions

 

♦        Your policy is subject to change of the insurance

provider and the terms of the agreement

 

♦        Your mortgage lender owns the certificate of insurance

 

♦        Your mortgage lender is the beneficiary

 

♦        No changes are permitted under the plan

   

 

♦        Insurance is not guaranteed renewable for a new mortgage

and, if you change financial institutions, you must provide

new evidence of insurability

 

♦        Insurance is not transferable & is limited to the mortgage you

have for a certain property with a certain lender

 

♦        The cost of insurance does not decrease even though the

amount of protection does

 

♦        PST added to your cost of insurance

 

 

Buying from Insurance Company

                                             

♦        Insurance company cannot change the policy

provisions or the guaranteed policy premiums

 

♦        You are the owner of your mortgage insurance policy

 

♦        You name the beneficiary of your choice

 

♦        You can make changes to your policy, including

conversion to a permanent insurance policy

 

♦        Insurance protection is guaranteed renewable up

to age 85 and you can keep it this long if you wish 

 

♦        This protection stays in place when

you change homes and mortgage lenders

 

♦        If you reduce your coverage, your

payments will be reduced as well

 

♦        No PST