Mortgage Insurance 101 - Let's Get the Facts for 2017
If you’re thinking about purchasing a home - and you plan to take out a mortgage in order to make that dream a reality - then there’s something you need to know about. And that’s mortgage insurance. You’ve probably heard the term “mortgage insurance” before, but if you’re like most first-time homebuyers, you might not know exactly what mortgage insurance is all about. What is mortgage insurance? Is it required or optional? And do you REALLY need it? Mark Cashin of Oakville mortgage brokers Cashin Mortgages, is here to demystify mortgage insurance and school you on the basics so you can make the best decision when it comes to securing insurance for your mortgage. He's an expert and has some great insight to share for the Canadian market as an interesting spin on the subject. What Is Mortgage Insurance?According to Wikipedia, mortgage insurance is “an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan.” Or, in other...