If so, do you know the difference between mortgage insurance and homeowners insurance?
If not, you need to read on .... before you go any further with your house purchase.
Mortgage Insurance:
When you buy a home, mortgage insurance helps the lender (the money people) if you can't pay back your loan.
It's needed when your down payment is less than 20% of the home's value.
Canada has different types like CMHC, Genworth, and Canada Guaranty Insurance.
While it is designed to help the lender, it is a requirement on ALL mortgages with less than 20% down.
Homeowners Insurance:
This one is for YOU! 😄 Homeowners insurance protects YOU from money troubles if something bad happens to your house, like a fire or theft.
If not, you need to read on .... before you go any further with your house purchase.
Mortgage Insurance:
When you buy a home, mortgage insurance helps the lender (the money people) if you can't pay back your loan.
It's needed when your down payment is less than 20% of the home's value.
Canada has different types like CMHC, Genworth, and Canada Guaranty Insurance.
While it is designed to help the lender, it is a requirement on ALL mortgages with less than 20% down.
Homeowners Insurance:
This one is for YOU! 😄 Homeowners insurance protects YOU from money troubles if something bad happens to your house, like a fire or theft.
It also covers your things inside, like furniture and clothes.
Plus, if someone gets hurt on your property and sues you, homeowners insurance can help cover those costs too!
Make sure you're smart and you budget for both!!!
