What is mortgage insurance and how can you benefit?

Mortgage insurance provides homeowners with the satisfaction of knowing that they have life and disability coverage for their mortgage should the unexpected happen. Mortgage insurance is beneficial for anyone who carries a mortgage or secured line of credit against their home. We can insure your home loan rather it is a first mortgage, second mortgage or secured line of credit.

Who is eligible?

All homeowners are eligible including self-employed borrowers. Self-employed homeowners are often unable to qualify for disability insurance due to income fluctuations and they are the ones who need the insurance the most. The insurance we offer approves clients based on their health and therefore, income is not a factor.  

Facts about the coverage we offer.

Disability Coverage - should you become disabled, your monthly mortgage payments will be paid for up to a maximum of 24 months while you are off from work recovering.

Life coverage - should one of the homeowners/insured lose their life, the mortgage balance is paid off in full. In the event of death, often there can be delays in getting the paperwork from doctors due to their hectic schedules. Regardless of how long it takes to get the necessary documents, the insurance will start making the mortgage payments on behalf of the client until such time as the claim is paid. This feature is ONLY available through the insurance we offer.

Portability - The insurance is fully portable from lender to lender and property to property. Premiums wil NOT go up for the full amortization of the mortgage, regardless of whether it is 25 or 35 years.

Interest Rate Protection - No matter how much your mortgage payment may go up over time due to increased interest rate changes, your mortgage payment will always be covered in full, regardless of how much your mortgage payment may increase over time.

Choose your coverage - You are not required to take both the Life and Disability Insurance. You can choose to take one or the other or both.

Coverage is Active Immediately - As soon as we submit your application along with your banking information for monthly premium payments to the insurer, you are insured!

We can provide you with a mortgage insurance quote within 24 hours.
Get insured and have piece of mind knowing that you are covered.

Request your personalized application by emailing: jennaweekes@jjmortgages.ca

RELATED LINKS

5 Smart tips about closing costs
Source: Mortgage Architects

Congratulations! You're a home owner. Your offer has been accepted and your home is closing soon...Now what? ...more

To buy or not to buy?
Source: Mortgage Architects

If you can afford to rent, chances are that you can afford to buy. Start building equity for your future by putting your monthly rent toward a monthly mortgage payment! ...more