Mortgage Insurance VS. Life Insurance

There are many important decisions to be made when purchasing a home and negotiating a mortgage. Quite often, the decision to take out mortgage insurance with the financial institution is made hastily. Homebuyers are often led to believe that loan approval and mortgage insurance are a “package deal,” or that the loan is dependent upon having such coverage. Therefore, some find it easier to simply purchase the insurance offered by the institution at hand; however, this is not the best solution. The reality is that not all mortgage insurance plans are the same. Mortgage insurance differs from plan to plan and can be purchased elsewhere than the lending institution.

Which option is best for you?