In Canada is the purchase of Life Insurance from your lender compulsory? (Not referring to CMHC Mortgage ins.)? - cmhc mortgage
So if you buy a house, have less than 25% down payment, you pay for mortgage insurance from CMHC, AIG or Genworth (GE). However, my lender, "Life said," in the amount of $ 237 per month in my monthly payment and is completely independent mortgage insurance. Is it mandatory? I see no opt-out of it. I get much higher life insurance through my employer for just $ 83 per month. Should I with the lender?
Friday, January 1, 2010
Cmhc Mortgage In Canada Is The Purchase Of Life Insurance From Your Lender Compulsory? (Not Referring To CMHC Mortgage Ins.)?
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1 comments:
It is not mandatory, and should clearly specify the rights in the documents.
You are right that insurance is a bad deal, is one of the highest insurance, and costs the same price if you do not pay each month to pay the debt or not, but the mortgage, payable on death. Bad Business.
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