Hello CD Home owners,

After reviewing many threads on mortgage related insurances to buy while purchasing a home, I am left bit confused.

Please share with the list of Insurances you purchased while purchasing your home.


Many thanks,
JRF.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Here is the list of insurances I came across (thanks to Pramod's website).

1. MORTGAGE DEFAULT INSURANCE
2. MORTGAGE LIFE INSURANCE
3. MORTGAGE FIRE INSURANCE
4. MORTGAGE PAYMENT PROTECTION INSURANCE.

I am looking to put 25% down and do not have any life insurance currently.
Which insurances would be applicable if I need to go for a detached property.

Thanks.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Hi JRF,
If you are putting 25% down payment, you may not (few exceptions are there) need CMHC's mortgage default insurance. Infact your lender buys this insurance from CMHC and you pay the premium. The lender safeguards his interests and not yours.
Mortgage life insurance and /or Mortgage payment protection insurance is an option.
Mortgage fire insurance covers the risk in case of any fire or any liability issues. You have to have it before the deal closes. It may cost you apprx. $50-60 a month depending upon the property and liability insurance coverage.

We are having an interactive information session on home buying. Here is the link.
http://www.canadiandesi.com/read.php?TID=16321


Good luck!

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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK

Sanjeev thanks.

What I should finally be look at will be around.

1. Life insurance that covers mortgage life insurance part.
2. Property Insurance incase of calamity, any how this is a mandatory.

Quote:

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Originally posted by sanjeevm

Hi JRF,
If you are putting 25% down payment, you may not (few exceptions are there) need CMHC's mortgage default insurance. Infact your lender buys this insurance from CMHC and you pay the premium. The lender safeguards his interests and not yours.
Mortgage life insurance and /or Mortgage payment protection insurance is an option.
Mortgage fire insurance covers the risk in case of any fire or any liability issues. You have to have it before the deal closes. It may cost you apprx. $50-60 a month depending upon the property and liability insurance coverage.

We are having an interactive information session on home buying. Here is the link.
http://www.canadiandesi.com/read.php?TID=16321


Good luck!

---

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Quote:

---

Originally posted by JRF

Here is the list of insurances I came across (thanks to Pramod's website).

1. MORTGAGE DEFAULT INSURANCE
2. MORTGAGE LIFE INSURANCE
3. MORTGAGE FIRE INSURANCE
4. MORTGAGE PAYMENT PROTECTION INSURANCE.

I am looking to put 25% down and do not have any life insurance currently.
Which insurances would be applicable if I need to go for a detached property.

Thanks.

---

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Pramod,

Many thanks for extending your help.

I've figured out the Insurance part for now and I've posted it in http://www.canadiandesi.com/read.php?TID=13684 .

I've sent you a PM related to Financials.

Regards,
JRF.

Quote:

---

Originally posted by Pramod Chopra


JRF,

As you must have found out on my website that If you are putting 25% down payment then you do not need the Mortgage Default Insurance.

However, you still need the 'Fire Insurance' and it is mandatory as the lender would like to protect his investment against fire and would put this as a condition of mortgage.

Mortgage Life Insurance and Mortgage Protection Payment Insurance are NOT MANDATORY but can be very helpful in protecting your investment in your house in untoward incidents.

I would strongly advise every home buyer to have at least some kind of insurance on one's life and as this is a very important matter one should take time to sit with one's financial/insurance planner to understand every product available in the market, flexibility of the products and one's needs and financial situation. It is the job of the financial planner/insurance planner to explore his/her client's financial needs and then customize product as per client's requirements.

If you need any help in this or any other financial matter, you can PM me.

Good Luck.

---

-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Quote:

---

Originally posted by Pramod Chopra

Quote:

---

Originally posted by JRF

Here is the list of insurances I came across (thanks to Pramod's website).

1. MORTGAGE DEFAULT INSURANCE
2. MORTGAGE LIFE INSURANCE
3. MORTGAGE FIRE INSURANCE
4. MORTGAGE PAYMENT PROTECTION INSURANCE.

I am looking to put 25% down and do not have any life insurance currently.
Which insurances would be applicable if I need to go for a detached property.

Thanks.

---

JRF,

As you must have found out on my website that If you are putting 25% down payment then you do not need the Mortgage Default Insurance.

However, you still need the 'Fire Insurance' and it is mandatory as the lender would like to protect his investment against fire and would put this as a condition of mortgage.

Mortgage Life Insurance and Mortgage Protection Payment Insurance are NOT MANDATORY but can be very helpful in protecting your investment in your house in untoward incidents.

I would strongly advise every home buyer to have at least some kind of insurance on one's life and as this is a very important matter one should take time to sit with one's financial/insurance planner to understand every product available in the market, flexibility of the products and one's needs and financial situation. It is the job of the financial planner/insurance planner to explore his/her client's financial needs and then customize product as per client's requirements.

If you need any help in this or any other financial matter, you can PM me.

Good Luck.

---

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK