Foreclosure rescue plan,

You must understand all the different insurance products to ensure proper coverage. Protection is mainly for mortgage lenders, but the benefits are also for you too, against losses and for peace of mind:

Default Insurance: 

With less than 20% down, it is mandatory, as your mortgage is considered a high ratio mortgage. You might add it to your mortgage and include it in your monthly payments.

Home (Property & Fire) Insurance: 

You must provide full coverage insurance and have your mortgage lender as Loss Payable on the live policy. It is also mandatory. Consider looking at additional coverage for flood zone risk, natural disasters, earthquakes, etc.

Title Insurance:

Protecting Title against fraud, document and process arrears, RPR issues and false registration, identity theft, leans, and previous issues. It is mandatory by the majority of lenders.

Strata Insurance:

When it comes to a stratum, their insurance covers the building itself – meaning the building can be re-established in the event of an incident (fire, flood, etc.). This, however, only covers common areas; it does not cover the contents of YOUR particular unit, which requires a homeowner’s insurance policy. Personal insurance can also help with the strata deductible.

Mortgage Protection Plan: 

This coverage is optional, but any mortgage professional will tell you it is essential. The purpose of the mortgage protection plan is to protect you and your family should something happen. It acts as a disability and a life insurance policy concerning your mortgage. Typically, when you get approval for a mortgage, it is based on family income. If one of the mortgage partners can no longer contribute due to disability or death, a mortgage protection plan gives you protection for your mortgage payments.

A good mortgage broker will work with you. We know everybody’s situation is unique and must be tailored to fit. 

You should get all the ins and outs from our professional; even if you do not get your mortgage through our brokerage we are here to help.