Finding Competitive Mortgage Insurance Quotes in Canada

Mortgage insurance quotes Canada are a hot topic these days.  Due to the banking and lending institutions’ failure to deliver, more and more people are turning to personal mortgage insurance to find mortgage insurance quotes in Canada.

The problem with collective or group mortgage insurance is that you have to go through a bank or lending institution.  The specialists are often not licensed or able to answer questions concerning the legality of the policy.  In fact, this type of insurance is infamous for denying claims as fraudulent.

When I say fraudulent, this doesn’t mean something obvious like the borrower had a known illness.  Rather, the whole claim could be denied on the basis that the borrower mistakenly checked off “no” to being checked for high blood pressure in the past five years.  Keep in mind that anytime your blood pressure is checked, you are checked for high blood pressure…

It’s no wonder that people are turning to personal mortgage insurance.  Not only are the agents licensed and trained, but they are there to serve the borrower, not the bank or lending institution.  The customer has the policy in their name and premiums are paid out to them.

Another bonus to getting personal mortgage insurance is the highly competitive playing field.  There are so many companies out there competing for your business that you could save a significant amount of money over the long haul.

For instance, take a house payment of $150,000 and 12.9% interest.  You could be looking at as much as a $6,000 savings over 24 months compared to collective insurance.  If you applied that over the long haul of your mortgage, you could save up to $60,000 or cut 32 months off a 30-year loan.

When you made the first step to go online and retrieve information concerning mortgage insurance quotes in Canada, you made the smartest and safest move in the investment of your home that you could think of.