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Mortgage insurance: what it covers and when you need it

L'assurance hypothécaire : ce qu'elle couvre et quand elle est nécessaire

Mortgage insurance: what it covers and when it is needed

When buying a home, it is important to understand what mortgage insurance is and when it is needed. Mortgage insurance is a form of insurance that protects your lender in the event of default. It can also offer you some protection against financial loss if you cannot pay your loan.

What is mortgage insurance?

Mortgage insurance is a form of insurance that protects your lender in the event of default. It can also offer you some protection against financial loss if you cannot pay your loan. Mortgage insurance is usually purchased by the lender and is paid for by the lender, but it can also be purchased by the lender and paid for by the borrower.

What does mortgage insurance cover?

Mortgage insurance covers a variety of risks, including:

  • Incapacity for work – if you are unable to work due to illness or accident, mortgage insurance can help cover your mortgage payments.
  • Death – if you die before paying off your mortgage, mortgage insurance can help cover your loan balance.
  • Permanent Disability – if you are unable to work due to illness or accident, mortgage insurance can help cover your mortgage payments.

When is it necessary to have mortgage insurance?

Mortgage insurance is generally required when you obtain a mortgage loan. This means your lender may require you to have mortgage insurance before granting you a loan. If you do not have mortgage insurance, your lender may refuse to grant you the loan.

How can I find mortgage insurance?

You can find mortgage insurance by contacting a broker or searching for insurance companies online. Be sure to compare several companies before making a decision. You can also consult the blog Mes Conseils Finance for advice on taking out mortgage insurance.