3 Things you didn't know about Mortgage Insurance
There is a way for this type of insurance to be fully underwritten should your Mortgage Broker fill out the paperwork in a specific way. We never want you to pay for coverage that you don’t qualify for when you apply for it.
The key feature of this product over term life insurance is that it kicks in the day the paperwork is sent in. This means that you have the coverage even before your closing date. On pre-build condos this is an option that you can have to protect your investment years before the closing date.
There is a 60-day refund option. The first 30 days are free and the second 30 are essentially covered by a money back garuntee. After that it is a month-to-month policy that can be cancelled at any time. You are not locking yourself into something that is the same length as your mortgage. As a result you may want to take it while you are shopping the market for a term insurance policy and if you find something superior then you can cancel it. The point is that you are not without insurance should something catastrophic happen.
If you want to know more about MPP (Mortgage Insurance) ask us today.