Re: Mortgage protection insurance
Hmm, maybe I have something to learn here. My understanding is that UNLESS you put down 20% or more, your mortgage company requires you to carry Mortgage protection insurance. If you don't buy it, they'll buy it for you and roll it into the mortgage-usually much higher cost of the insurance than if you go and buy it for yourself. Once you have the magic 20% equity in the property, you can have the MIP requirement removed and can quit carrying it. that's the way I've always understood it to work.
If regular life insurance is commonly accepted as substitute for MIP, I never have read it or had it explained to me that way.
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
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