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When buying Mortgage Insurance- What to Consider?
1. Who will be the owner of the policy? You or the Bank?
2. Can you change lenders at later date without worrying about the mortgage insurance?
3. Who will be the beneficiary of this policy? Your heir or bank?
4. Does the coverage reduce over time as the balance of mortgage decreases with time? Or does the coverage stays the same?
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Expect a High Interest Rate |
Expect a High Interest Rate
If you have bad credit it can be a real handicap because you always have to worry about getting rejected for loan applications.By improving your credit rating it will give you a better chance at getting approved for your loan and also getting a lower interest rate. If you are looking to get a Bad Credit Mortgage Loan then you would follow the same steps as an unsecured loan. The secured bad credit loan is your cheapest option, and you will be given a much longer period of time to pay off this type of loan.
One thing Canadians with bad credit will have to deal with when seeking out a loan is high interest. Because of the history of defaults, lenders will try to secure more of their money back in a quicker amount of time by hiking up the interest rates. However, if the loan is important, many people will go ahead and obtain the loan and simply pay the higher interest rates. There are some companies and financial institutions who will provide loans at a regular interest rate, but these loans are typically small loans.
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FREE Benefits – Each Policy comes with following benefits at NO Cost
- Terminal Illness Benefit - An interest-free loan may be provided for an insured who becomes terminally ill. The total loan can be up to $250,000 or 75% of the total amount of the life insurance on that insured, whichever is lowest.
- Legal Link Advice - Access certain free and discounted legal services in your area. Connect with lawyers for help with a variety of issues including wills, home ownership and family law.
- Orphan Benefit - A monthly payment for orphans, which pays $900 per month per child to the legal guardian for children under 18 upon the death of both Parents.
- Competitive Scholarship Benefits - to qualifying insured kids for higher studies, worth upto $11,000. Also available - Orphan Scholarships - the scholarship benefit that provides the children of deceased insured with a renewable higher learning scholarship of up to $6,000 per year for up to four years to cover tuition and maintenance, to learn more -- discuss with our licensed advisor.
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| In case you have any specific question or concern please feel free to contact us and one of our licensed life insurance advisor will be more than happy to assist and answer your questions. |
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