As we enter the spring market, it is important to learn more about the mortgage landscape and all of the different services that make up the mortgage process, including mortgage insurance. Mortgage insurance allows you and your family the ability to still meet your mortgage payments in case of an accident, sickness, critical illness or loss of life. Most people typically consider products such as Mortgage Protection Insurance when buying their first or second home because it is best to know beforehand what the differences between insurance products are and what which one of those insurance products best compliment your mortgage commitments and other facets of your life e.g., your age and health.
One question that continues to come up from clients is the difference between creditor vs. term insurance on your mortgage. Watch this week`s video blog to learn more about the difference between the two types of insurance and the pitfalls that you may face with creditor insurance. Make sure you know the difference before signing your name on the dotted line of that insurance agreement!