1. If you purchase your mortgage insurance from the bank or trust
a) No medical exam is required
b) The beneficiary of the policy is the bank or trust
2. if you purchase your mortgage insurance from the life insurance companies
a) medical exam is required for any sum insured over $100,000
b) The beneficiary of the policy is designated by you ( Kyle J. Norton)
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10 Benefits of Mortgage Insurance
1. Take it with you when you move. If you have a mortgage that's portable, you can transfer its terms to a new property in the future. This same option is available when you buy mortgage insurance, which can save you premiums when you move.
2. Be eligible for a better interest rate. Mortgage insurance provides a lender with the flexibility to offer you the same competitive mortgage interest rates available to home buyers with a larger down payment.
3. More down payment options. Don't let the down payment be the barrier to your home ownership dreams. There are many mortgage insurance products that will help you to achieve home ownership. Let's discuss the options that suit your situation best.
4. Buy, instead of renting. If you're paying rent right now, it can be a good move to consider buying a home that has similar monthly carrying costs. You'll enjoy the freedom of making your living space into your own home with your personal touch.
5. Overcome traditional barriers to financing. More and more homebuyers who may not have qualified for a mortgage are benefiting from mortgage insurance - for example, those who are self-employed or work on commission. With mortgage insurance, people who have good credit but might not meet conventional lending criteria can qualify for the financing they need.
6. Own and enjoy a vacation property. If your financial situation is in good standing and you are thinking about buying a vacation property, there are mortgage insurance options that will allow you to do so. Be sure to ask us about what will work best for you.
7. Get money back on an energy-efficient home. If you purchase an energy efficient home or refinance an existing home to make energy-saving renovations, you could be eligible to receive a 10% refund on your mortgage insurance premium if your mortgage is insured with Genworth Financial Canada.
8. Save on household purchases. When buying your first home, you'll find expenses can add up quickly.
9. Home ownership on your terms. With the right preparation and resources, you can buy a home that best suits your lifestyle. Mortgage insurance provides you with innovative options to help get you into home ownership.
10. Get help when you need it. Whether from a job loss, a serious illness, or a marriage breakup, financial difficulties can arise when you least expect them.
In 2005, Arjun read his first book on investing. For Arjun, that experience sparked a long, extremely exciting and fulfilling journey towards achieving financial freedom at, what some might consider a very young age. While that journey is ongoing and has taken countless hours till date, the elation of finding a truly undervalued stock or discovering a special situation in the capital markets wields a reaction that is probably akin to a prospector discovering a nugget of gold. Arjun founded Investing Thesis to chronicle his journey in the hopes that his successes and failures might work to the benefit of someone else.
